This contract made and entered into as of (date) by and
between the (agency name) hereinafter called the Principal and (agent name) hereinafter
called the Producer. Witnesseth that;
WHEREAS, the Producer desires to become employed by the
Principal, now therefore, it is mutually agreed by and between the parties as
EMPLOYMENT: That the Principal hereby agrees to employ the
Producer and the Producer hereby agrees to be employed by the Principal as an
insurance salesperson and agrees to devote full time thereto.
REMUNERATION: That the Producer shall receive remuneration
for his/her services as agreed upon from time to time by Principal and Producer
in recognition of this agreement.
DEATH OR DISABILITY: It is agreed by the Principal that in
the event of total disability or death of the producer, the Principal shall pay
to the totally disabled Producer or to the family of the deceased Producer one
hundred percent (100%) commission on all business of the Producer that renews
during the 12 months beginning the first day of the month following the month
of such disability or death.
AGREEMENT NOT TO COMPETE: That the parties hereto agree that
in case the employment of the Producer should terminate, the Producer agrees
not to engage in a similar business within the county of domicile of the
Principal for a period of two years. The Producer agrees not to solicit or to
procure others to solicit any of his or the Principal’s customers for a period
of two years from the date of such termination regardless of the location of
such customers, it being further mutually agreed that ownership of expirations
shall at all times remain with the Principal.
BAD DEBTS: That the Producer shall assume the responsibility
for the collection of premiums on all insurance sold by Producer and losses on
any premiums not collected shall be deducted from, but shall not exceed, bonus
to be paid Producer as agreed. However, it is expressly understood by the
parties hereto that no credit shall be extended to any customer except with the
approval of Principal, and Principal shall retain the right to cancel coverage and
collect premiums due Principal in accordance with agency policy.
VACATION: That Producer shall receive each year two weeks’
vacation with pay.
IN WITNESS WHEREOF, the parties have hereunto set their
hands and seals on this (date)
In presence of: (witness)