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Hi All,
I’ m looking for legal advise on a part of my contract.
I'm a self-employed adviser, working for financial practice which operates under a network.
The contract does have a clause around this. (see below and attached)
7.2 The Adviser shall not apply to XXXXXX to become an Partner or staff
of the AAAAAAAAA or an Adviser or Partner or staff of another Practice of
AAAAAAAA without having spent a minimum of 5 (five) years as an Adviser with
XXXXXXXXXXXX Limited and without prior written consent of the Appointor.
As a concession, in the event that such consent is given the Adviser agrees to immediately
follow the BBBBBB Business Sale and Purchase rules and pay 20% of the total value of the
Adviser’s practice to the Appointor prior to leaving the Appointor and as detailed in
Appendix 2. The Adviser will also pay an additional 25% of this value as goodwill to the
Appointor. The Adviser shall give the Appointor the first right of refusal over the purchase
of the Adviser’s practice.
My main concern is around consent and under what circumstances consent can reasonably be withheld.
Secondly, I would like to run the whole contract passed a lawyer. However, when seeking legal advice in the past, other advisers and I have found finding a suitably competent legal representative with experience in these types of contracts is hard to find. The key stumbling blocks we've come across are.
- Some parts of the contract fall under employment law, although a self-employed individual.
- Some parts of the contract fall under commercial law.
- Understanding how payment of commissions, generation of clients, client ownership, and freedom to trade all fall within this contract.
I look forward to hearing everyone's thoughts on the Consent and any recommendations.
I’ m looking for legal advise on a part of my contract.
I'm a self-employed adviser, working for financial practice which operates under a network.
The contract does have a clause around this. (see below and attached)
7.2 The Adviser shall not apply to XXXXXX to become an Partner or staff
of the AAAAAAAAA or an Adviser or Partner or staff of another Practice of
AAAAAAAA without having spent a minimum of 5 (five) years as an Adviser with
XXXXXXXXXXXX Limited and without prior written consent of the Appointor.
As a concession, in the event that such consent is given the Adviser agrees to immediately
follow the BBBBBB Business Sale and Purchase rules and pay 20% of the total value of the
Adviser’s practice to the Appointor prior to leaving the Appointor and as detailed in
Appendix 2. The Adviser will also pay an additional 25% of this value as goodwill to the
Appointor. The Adviser shall give the Appointor the first right of refusal over the purchase
of the Adviser’s practice.
My main concern is around consent and under what circumstances consent can reasonably be withheld.
Secondly, I would like to run the whole contract passed a lawyer. However, when seeking legal advice in the past, other advisers and I have found finding a suitably competent legal representative with experience in these types of contracts is hard to find. The key stumbling blocks we've come across are.
- Some parts of the contract fall under employment law, although a self-employed individual.
- Some parts of the contract fall under commercial law.
- Understanding how payment of commissions, generation of clients, client ownership, and freedom to trade all fall within this contract.
I look forward to hearing everyone's thoughts on the Consent and any recommendations.
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