GLOSSARY:
'Clawback': Overpayment of Commission to an IA/Partner or Associate IA that must be recovered by FPU.
'Commission': The monies paid by FPU from time to time to an IA/Partner.
'Contract': An agreement signed by a Party and in force, agreeing to take a gas/electricity/water supply as organised by FPU and resulting from an introduction by an IA/Partner.
'Deal Value': The total income received by FPU deriving from an Introduction.
'FPU': Full Power Utilities Ltd.
'IA' (Introducer Agent/Partner): An individual, partnership, association or company who has signed the IA/Partnership Agreement. The rights of an IA/Partner may not be transferred by will or otherwise.
'IAA' (Introducer Agent/Partner Agreement): Document signed by the IA/Partner agreeing to terms and conditions of FPU under which an IA/Partner makes Introductions and receives Commission.
'IAC' (Introducer Agent/Partner Commission): The Commission paid to an IA/Partner according to the terms of the IAA.
'Introduction': The details of a Party as provided by an IA/Partner.
'Party': The person or company or organisation being introduced by the IA/Partner to FPU.
'Payment': The schedule of payment, dictated by the gas/electricity/water supplier.
'AIA' (Associate Introducer Agent): The IA/Partner who has introduced another IA/Partner.
'AIAC' (Associate Introducer Agent Commission): Commission received by an AIA as an override on all commission received by an IA/Partner whom the AIA originally introduced to FPU.
'Supplier': A recognised and authorised provider of gas/electricity/water.
'The Payee': The account nominated by the IA/Partner to receive commission.
1. An introduction
Occurs when an IA provides FPU with the contact details of a person (Party) who is receptive to discussions, on behalf of the organisation they represent, about the procurement of gas/electricity/water contracts. An Introduction must be to a party not already known to FPU.
2. Commission
Any introduction an IA brings resulting in FPU writing a contract for a Party for the supply of gas/electricity/water to a business premises, will result in a payment to the IA called Introducer Agent Commission (IAC). IAC is 25% of the Deal Value. IAC will remain payable to an IA, as long as the customer remains a customer of FPU and the IA remains active. FPU have the right to decide what constitutes an active IA.
3. Building a team
An IA may introduce other people/organisations who may, subject to approval by FPU, become IAs/Partners. FPU's decision to approve or disapprove an IA application is final. In this relationship, the first signed IA is known as the AIA to the new IA they introduce. Where this relationship exists, the IA will be paid 25% commission of the Deal Value and the AIA will be paid AIAC, namely 5% of the Deal Value resulting from their own IA's introductions.
4. Severance
If an IA ceases to be an active IA for FPU and the IAC ceases to be paid, the AIA will continue to receive the AIAC on those qualifying contracts as long as the customer remains a customer of FPU and if the AIA remains an active IA to FPU.
5. Payment
Income due to FPU for a contract, that is received from a supplier by FPU in portions during the life of a contract. The scheduling and timing of portions varies from supplier to supplier and by their Service Agreement T&C's. FPU is not permitted to divulge the frequency or quantity of these payments to any third party. Once a portion is received by FPU, FPU will pay the appropriate IAC or AIAC within approximately one month of receiving it.
6. VAT
An IA/Partner can register within the FPU IA Programme, either as a VAT registered IA/Partner or a non-VAT registered IA/Partner. If an IA/Partner is VAT registered and provides FPU with a VAT registration number, the IAC and AIAC will be paid as a gross figure (plus VAT) once a VAT invoice has been supplied to FPU. If the IA/Partner is non-VAT registered, the IAC and AIAC will be paid as a net figure (excluding VAT) and no invoice will be required.
7. Contract termination
A customer ceases to be a customer of FPU when a customer contract terminates and is not replaced by another contract brokered by FPU.
8. Clawback
Where a customer contracts for but does not use as much gas/electricity/water as had been expected and where the supplier had overpaid advance commission to FPU, a situation will have occurred resulting in a clawback of commission from FPU. In such a situation, an IA/AIA will have been overpaid commission and a clawback of commission from the IA/AIA will be necessary. Clawback of IAC or AIAC will be recovered by set-off against due commissions where possible. Where this is not possible, such overpayments will be invoiced directly to the IA/AIA and must be settled no later than 30 days from the date of invoice. Failure to settle such a clawback may result in this agreement being terminated by FPU.
9. No relationship
This agreement shall not operate to create a partnership or joint venture or agency of any kind between an IA and FPU. Nothing contained in this agreement shall be so construed as to constitute any one to be the agent of the other. Neither FPU nor the IA shall have any authority to make any commitments on behalf of any of the other. The commercial terms of this agreement may be varied from time to time with mutual written consent from the respective contracting entities. Consent is not to be unreasonably withheld.
10. No authorisation
IA's and AIA's are not authorised to offer advice or information on utility suppliers, prices or contracts.
11. Copyright
IA's are not permitted to use copy or reproduce in any way any materials, printed or otherwise, relating to or provided by FPU without prior written permission. All such materials for the use of IA's will be provided for IA's and must not be altered or changed in any way. The IA agrees at all times both during the term of this agreement and after its termination to keep confidential all documents and other records (in whatever form) and shall not use such information other than strictly for the purposes of this agreement and shall not, without the prior written consent of FPU disclose to any third party any confidential information, unless the information:
- was public knowledge or already known to the IA at the time of disclosure; or
- subsequently becomes public knowledge other than by breach of this agreement; or
- subsequently comes lawfully into the possession of the IA from a third party.
All the above are reciprocal for the parties. On termination of this agreement all documents and other records (in whatever form) containing confidential Information supplied to or acquired by the IA from FPU shall be returned promptly to FPU and no copies shall be kept.
12. Confidentiality/GDPR.
The IAA is required to obtain relevant details for registration. Your information is stored in FPU's internal systems including the CRM. To request additional copies, requests must be made by email to your assigned Regional Manager (RM). IAA's are kept within our systems for 3 years unless you request termination of this agreement. Termination can be requested by email to your RM. The personal details documented in the IAA will only be shared with Full Power employees. The Privacy Policy can be accessed at fullpowerutilities.com.