Quoting from [othmanr]:

Quoting from [swamypr]:



Replying to [iulianap]:




MFPA (or) FPA and PAY ORDER.




When order is under process. Say that you are assiting buyer and seller to reach an agreement and contract is being done. That time itself you can protect your commission by way of agreement which is called Fee Protection Agreement. Consolidated copy is Master Fee Protection. Say so many beneficiaries are there. So all beneficiaries will nominate one person as their pay master. for their group. Example seller side,buyer side and intermediary side will nominate each pay master and ultimately Master Fee Protection Agreement is prepared.




PAY ORDER : When L/c is established by buyer or transaction takes shape. The Seller or buyer whoever is the paymaster will convert the FPA as pay order and send it to the party concerned.




If you have nominated one paymaster. Then it is the duty of paymaster to give direction to his bank well in advance to disperse the amount to all beneficiaries concerned without delay or without his consent.




To say preciously, First Fee protection Agreement will be signed by seller or buyer and later on that will have to be notorised if it is high value and there after it is the duty of paymaster to get the bank endorsed or converted as pay order.




So MFPA AND PAYORDER or interlinked. First one will safe guard your interest in the begining of the transaction and in final stage the same will be converted as pay order or bank instrument so you are certain of your commission amount.




If you need further details about this please contact me. My email id :To prevent spam, do not enter your contact information - Moderator
I am always available to clear your doubts.




with regards



pr swamy

How to get the draft copy of MFPA

    Do you have a sample copy of an MFPA? plz  send me one

Quoting from [swamypr]:


Replying to [iulianap]:


An irrevocable pay order is more protective for your commission. Because here the bank certifies and assures your payment. That is why it is more secure than any other method.

As I understand this there is only one way to secure your commissions in any transaction where the buyer cannot stop payment. Put the commission in with the transaction itself, make it a part of the payout for product.

Analysis:

There is no such thing as an irrevocable bank instruction by an account holder to his bank. The customer - bank relationship is one of principal-agency and is governed by traditional agency law. The customer/account holder may instruct his bank to do certain acts, and the bank is obliged, as his agent, to carry out the customer's wishes. The customer, however, is always free to revoke his instruction to the bank at any time, without notice - notwithstanding the fact that the customer has couched the instruction in language of irrevocability.

Recommendation:

Mr. Smith, in order to protect his commissions, would be well-advised to enter into a legally binding fee agreement with Mr. Jones. The requirement that Mr. Jones lodge an irrevocable pay order instruction with his bank, if it is deemed necessary to the transaction, can always be incorporated into the fee agreement - that way, you have an obligation that you can enforce against Mr. Jones in a court of law, if need be.

Dear Sir,

Would you kindly send a copy of a MFPA to me too!

janassiri@hotmail.com

 

Thanks!

Dear Sir,


I have read yo9ur comments about MFPA. Do you have a draft of a document that you could send me? Thank you.


Regards,

Antonio

To iulianap


Read your comments about MFPA. Would it be possible for you to send me a draft of a document also? Thank you.


Regards,

Antonio

thank you!

Dear IULIANAP


I am a beginner in import / export trading business. I have a friend who is an employee and an exclusive agent of the same organisation and he has asked me to find buyers for him. In return, he says, for any transactions executed, I will receive my commission. However, most of the time, I have to put the buyer in touch with the end seller (my friend's organisation) as I do not have product of my own. Thereafter, I don't feel comfortable because I don't know if any transactions were executed. In this case, what steps am I able to take to ensure I receive my commission if/when transactions are executed?


Also, I am considering presenting some form of official agreement to my friend to sign so that I can receive an agreed commission from him. What document(s) would be appropriate for me to submit and to whom? FYI I don't think I can communicate with my friend's company directly and get them to sign any agreement as they don't know me personally.


Please help asap

Can some one please send me a draft of MFPA? Please send it to samho@CCHomesMA.com. Many thanks.


-Sam

Dear Madam,

Please let me know how to contact you through mails... I need some information regarding Metal Scrap industry since I am new to it and I want to learn about business process of this industry.. please help me out...