Co-broke Contract Creation Policy

Introduction and Purpose

Co-broke is a platform designed to facilitate secure and transparent collaborations between brokers and their respective agencies. This policy outlines the process for creating, managing, and closing co-broke contracts, including payment processing, commission distribution, and platform fees.

1. Contract Creation Process

Agents and Agencies: Each contract is created between two or more brokers (e.g., Agent A and Agent B) and their respective agencies (e.g., Agency A and Agency B).
Contract Roles: Brokers must clearly define their roles and responsibilities within the contract, including the property or service being brokered.
Digital Signatures: All parties must digitally sign the contract for it to become active.
Document Uploads: Brokers can upload relevant documents (e.g., property details, agreements) as attachments to the contract.
Document Liability: Brokers are fully responsible for the accuracy and legality of the documents they upload to the Co-broke platform. Co-broke is not liable for any errors, omissions, or inaccuracies in these documents.

2. Commission Details and Distribution

Commission Split: The commission structure (e.g., 50/50, 70/30) must be clearly defined in the contract.
Platform Fees: Co-broke charges a 5% platform fee on each commission.
Transaction Fees: An additional processing fee of 3.99% + 1 (currency used) is applied for each payment.
Currency Conversion: Brokers are responsible for any currency conversion fees if their Stripe account is not in the same currency as the contract.

3. Payment Link Generation

Stripe Integration: Co-broke uses Stripe Connect to generate secure payment links for each client.
Fee Structure: The processing fee (3.99% + 1) is automatically deducted before commission distribution.
Client Invoicing: Brokers must send their clients a separate invoice to collect the agreed commission, as demonstrated in the provided sample invoice.
No Guarantee of Payment: Co-broke is not responsible for any delays, rejections, or failures in payment processing.

4. Commission Distribution

Funds Transfer: Once the contract is closed (both brokers have received full payments), Co-broke transfers each broker’s share of the commission to their connected Stripe account.
Platform Fees: Co-broke retains a 5% platform fee from the total commission.
Transfer Timeline: Payouts are typically processed within 2-3 business days after the contract is closed, depending on the broker's country of residence.
Payout Eligibility: Brokers must meet all KYC and compliance requirements of Stripe to receive payouts.

5. Contract Closure

Full Payment Required: A contract is considered fully closed only after all payments have been made and processed through the Co-broke platform.
Review System: Once a contract is fully closed, each broker can leave a review for the other party, reflecting their experience and professionalism.
Contract Archival: Closed contracts are archived for future reference but remain accessible to both brokers.

6. Payout Conditions

Compliance with Stripe: Brokers must complete their Stripe Connect account setup to receive funds.
KYC Requirements: Stripe may require additional identity verification based on the broker’s country of residence.
Bank Transfers: Once the funds are released, they will be transferred to the broker’s connected bank account within 2-3 business days.

7. Platform Fees and Deductions

Platform Fee: Co-broke retains a 5% fee on all commissions processed through the platform.
Currency Conversion: Brokers are responsible for any currency conversion fees from Stripe Connect.
Disputes and Refunds: In case of disputes, Co-broke reserves the right to hold or reverse payments based on its investigation.

8. Legal Disclaimer

No Guarantee of Success: Co-broke provides a platform for brokers to collaborate but makes no guarantees regarding the outcome of contracts.
Compliance Responsibility: Brokers are responsible for complying with all applicable laws, including tax and regulatory requirements.
Limitation of Liability: Co-broke is not responsible for any losses, damages, or claims arising from the use of its platform, including but not limited to contract disputes, payment failures, or data breaches.

9. Policy Updates

Right to Update: Co-broke reserves the right to update this policy at any time, with prior notice to its users.
Effective Date: Updates will become effective upon publication on the Co-broke platform.

By using Co-broke, brokers agree to this Contract Creation Policy and acknowledge the associated risks and responsibilities.