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NY state starting new insurance agency need help with understanding the agreement.

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1

1qaz9106

Active Member
What is the name of your state? New York.

Good Evening Everyone,
I'm going to sign an agreement with insurance agency (wholesaler) joining his network and then I will become the broker （retail insurance agency） under him.

While I was reading the agreement I noticed that the wholesaler did not put some provision in the agreement , for example one that is important would be exit clause. So I asked he said it is going to be easy for me to exit his network just give him 30 days notice that is all he need. I'm concerned about this. Is it really going to be this easy?

Please help review following contract see if anything else important need to be careful before signing.
Thank you for your help!

click this hyperlink to see contract
 


Just Blue

Just Blue

Senior Member
1qaz9106 said:
What is the name of your state? New York.

Good Evening Everyone,
I'm going to sign an agreement with insurance agency (wholesaler) joining his network and then I will become the broker （retail insurance agency） under him.

While I was reading the agreement I noticed that the wholesaler did not put some provision in the agreement , for example one that is important would be exit clause. So I asked he said it is going to be easy for me to exit his network just give him 30 days notice that is all he need. I'm concerned about this. Is it really going to be this easy?

Please help review following contract see if anything else important need to be careful before signing.
Thank you for your help!
Click to expand...
Contract review is beyond the scope of this site. You should have an attorney review it with you.
 
quincy

quincy

Senior Member
1qaz9106 said:
What is the name of your state? New York.

Good Evening Everyone,
I'm going to sign an agreement with insurance agency (wholesaler) joining his network and then I will become the broker （retail insurance agency） under him.

While I was reading the agreement I noticed that the wholesaler did not put some provision in the agreement , for example one that is important would be exit clause. So I asked he said it is going to be easy for me to exit his network just give him 30 days notice that is all he need. I'm concerned about this. Is it really going to be this easy?

Please help review following contract see if anything else important need to be careful before signing.
Thank you for your help!


[removed link]
Click to expand...
I’m sorry. The members of the FreeAdvice forum are unable to personally review and advise on the contents of contracts. For that you will require the services of an attorney licensed to practice in your own jurisdiction.

It is smart that you have read the contract carefully and have noticed some of its possible shortcomings. Revising a contract and its terms to meet your needs and protect your interests is important.

Good luck.
 
Last edited:
1

1qaz9106

Active Member
Just Blue said:
Contract review is beyond the scope of this site. You should have an attorney review it with you.
Click to expand...
Thank you, Can if the wholesaler do not want to add exit clause in the contract does that mean I could exit anytime since he didn't specify when it happens?
 
1

1qaz9106

Active Member
quincy said:
I’m sorry. The members of the FreeAdvice forum are unable to personally review and advise on the contents of contracts. For that you will require the services of an attorney licensed to practice in your own jurisdiction.

It is smart that you have read the contract carefully and have noticed some of its possible shortcomings. Revising a contract and its terms to meet your needs and protect your interests is important.

Good luck.
Click to expand...
Thank you, Can if the wholesaler do not want to add exit clause in the contract does that mean I could exit anytime since he didn't specify when it happens?
 
Just Blue

Just Blue

Senior Member
Again, you should take the contract to an attorney who specializes in Contract Law. You should no base your business decisions on the opinion of random people on the internet.
 
Ohiogal

Ohiogal

Queen Bee
1qaz9106 said:
What is the name of your state? New York.

Good Evening Everyone,
I'm going to sign an agreement with insurance agency (wholesaler) joining his network and then I will become the broker （retail insurance agency） under him.

While I was reading the agreement I noticed that the wholesaler did not put some provision in the agreement , for example one that is important would be exit clause. So I asked he said it is going to be easy for me to exit his network just give him 30 days notice that is all he need. I'm concerned about this. Is it really going to be this easy?

Please help review following contract see if anything else important need to be careful before signing.
Thank you for your help!

click this hyperlink to see contract
Click to expand...
I will say if it is not in the contract then it is not binding. He can say whatever he wants but contracts are reviewed based on the four corners of the document. If you want an exit provision, do not sign a contract without it. And no I have not read your hyperlink. I am speaking generally.
 
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