Jun 28, 2009 20:43
14 yrs ago
8 viewers *
English term
commission 'closed' on buyer's side
English
Bus/Financial
Business/Commerce (general)
Hello!
Can anyone explain the meaning of such commission?
Or give a link to some explanation?
I met the expression in the contract for selling fuel oil.
qte
6.1 Price Fixed USD NNN/MT GROSS /USD NNN/MT NET/ FOB LOADING PORT
6.1a Commissions 10$ - Split 50/50 buyer side open, seller side closed.
uqte
The expression seems to be well spread in fuel contracts...
Thanks in advance to everybody.
Can anyone explain the meaning of such commission?
Or give a link to some explanation?
I met the expression in the contract for selling fuel oil.
qte
6.1 Price Fixed USD NNN/MT GROSS /USD NNN/MT NET/ FOB LOADING PORT
6.1a Commissions 10$ - Split 50/50 buyer side open, seller side closed.
uqte
The expression seems to be well spread in fuel contracts...
Thanks in advance to everybody.
Responses
5 hrs
The seller has a closed deal on the commission.
Split 50/50 buyer side open, seller side closed.
Manufacturer sells it to the seller (wholesaler) who then sells it to the buyer, who then retails it.
The commission on the sale is split 50/50 between the buyer and the seller. The sellers commission is closed (Locked in at 50% and is not adjustable, but the buyers commission can be altered and split to include other buyers) So the sellers commission will always be locked at 50% no mater what further deals are done after the sale.
The seller has a closed deal on the commission.
Fuel oil and fuel has a long chain of sellers and buyers..after it is refined.
Manufacturer sells it to the seller (wholesaler) who then sells it to the buyer, who then retails it.
The commission on the sale is split 50/50 between the buyer and the seller. The sellers commission is closed (Locked in at 50% and is not adjustable, but the buyers commission can be altered and split to include other buyers) So the sellers commission will always be locked at 50% no mater what further deals are done after the sale.
The seller has a closed deal on the commission.
Fuel oil and fuel has a long chain of sellers and buyers..after it is refined.
18 hrs
English term (edited):
buyer side open, seller side closed
buyer pays commission on open, whilst seller does on close
Well, this is nearly a guessing. The price is fixed, so there is no room for bargaining.
By then, when a buyer wants to buy, before s/he proceeds, s/he must first pay a commission (in this case $5 per unit) to open negotiation with the seller. Please note that the negotiation is about other things outside the price.
When the deal is reached (=closed), it is the seller turns to pay the commission. The following links (esp. link 2) may be a good pointer where "open" and "closed" point to.
Link 1:
COMMISSION: Buyer pays 3 % commission, as stated below: 1.5% Buyer’s Side (Open) 1.5% Seller’s Side (Closed)
at: http://www.vita-hgta.com/ROUGH DIAMOND 400,000 CT(END SELLER...
Link 2:
If the Seller is paying any closing costs or prepaids for the Buyer or providing any funds through a financial assistance program ...., and the Lender, Buyer or Buyer’s agent attempts to have the Buyer’s side closed by anyone other than ATWOOD ... then Seller will pay no closing costs or prepaids for the Buyer or provide any funds through a financial assistance program ....
In the event SELLER agrees to a split closing, where the buyer closes some place other than ATWOOD ..., BUYER will be
responsible for any additional fees charged to SELLER incurred by the split closing.
at: http://www.avehart.com/images/pdf/Bedrock_Builders_Contract_...
By then, when a buyer wants to buy, before s/he proceeds, s/he must first pay a commission (in this case $5 per unit) to open negotiation with the seller. Please note that the negotiation is about other things outside the price.
When the deal is reached (=closed), it is the seller turns to pay the commission. The following links (esp. link 2) may be a good pointer where "open" and "closed" point to.
Link 1:
COMMISSION: Buyer pays 3 % commission, as stated below: 1.5% Buyer’s Side (Open) 1.5% Seller’s Side (Closed)
at: http://www.vita-hgta.com/ROUGH DIAMOND 400,000 CT(END SELLER...
Link 2:
If the Seller is paying any closing costs or prepaids for the Buyer or providing any funds through a financial assistance program ...., and the Lender, Buyer or Buyer’s agent attempts to have the Buyer’s side closed by anyone other than ATWOOD ... then Seller will pay no closing costs or prepaids for the Buyer or provide any funds through a financial assistance program ....
In the event SELLER agrees to a split closing, where the buyer closes some place other than ATWOOD ..., BUYER will be
responsible for any additional fees charged to SELLER incurred by the split closing.
at: http://www.avehart.com/images/pdf/Bedrock_Builders_Contract_...
-1
1 day 16 hrs
the buyer is already committed to an agent who will receive that portion of the commission
For an agent or intermediary it means that the buyer is already committed to a third party who will be paid the commission for that side, so there is no opportunity to obtain a commission as a broker for the buyer. That opportunity is "closed".
See detail at http://www.giagroup.com/commission-sharing.cfm. In particular:
"There are two sides sharing the commission on a 50/50 basis, the seller’s side and the buyer’s side. In all most all cases the seller side of the commission is closed. If the seller side is open then the broker that takes the offer direct from the seller [is] entitled to the whole seller side commission. It will be up to the broker to accept any, or with whom he will share his commission. For that reason we will not get involved in any discussion with the seller’s side of the commission."
See detail at http://www.giagroup.com/commission-sharing.cfm. In particular:
"There are two sides sharing the commission on a 50/50 basis, the seller’s side and the buyer’s side. In all most all cases the seller side of the commission is closed. If the seller side is open then the broker that takes the offer direct from the seller [is] entitled to the whole seller side commission. It will be up to the broker to accept any, or with whom he will share his commission. For that reason we will not get involved in any discussion with the seller’s side of the commission."
Peer comment(s):
disagree |
kauve
: Simply put, it means that no additional persons can be added to the payorder on the buy side. A person bringing a buyer or seller must seek his commission from the sell side.
586 days
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