Broker Referral Agreement
Parties: This Agreement is between you (Broker) (you/your) and Bridgit Financial Services Pty Limited (ACN 648 580 901) (Australian Credit Licence 532542) (Bridgit) (we/us/our).
Background
A. You wish to introduce customers to us.
B. By referring a customer to us for the first time, you agree to be bound by, and accept the terms of, this agreement.
Operative provisions
1. Introductions
1.1 You are authorised on a non-exclusive basis to refer customers to us. You are an independent contractor, and not an agent of ours.
1.2 We may change, terminate or suspend in any way our products from time to time.
1.3 You are unable to bind us in any way, and must not purport to do so. No obligation to make a loan may be created by you until a formal loan approval is obtained.
1.4 We are under no obligation to consider or approve any application or to provide any products.
1.5 We may terminate your authorisation to refer customers to us or this agreement at any time. Any termination by us will not change or terminate your entitlement to referral fees under this agreement in respect of referrals made prior to termination. You acknowledge that we have not represented that these arrangements with you will continue for any period of time.
1.6 We may vary any term of this agreement, including the referral fees payable to you, at any time by written notice to you, so long as no variation affects the parties’ rights and obligations in respect of products introduced prior to the date of the variation.
2. Duties of the referrer
2.1 You must at your own cost introduce customers in an efficient and business-like manner and in accordance with sound business practices at all times. Without limiting this general obligation, you must:
(a) comply with all applicable laws, including the National Consumer Credit Protection Act 2009 (Cth), the Privacy Act 1988 (Cth), the Australian Securities and Investments Commission Act 2010 (Cth), the Competition and Consumer Act 2010 (Cth), and all legislation regulating the activities of referrers; and
(b) at all times hold any licences, permits and authorisations required to be held by you to perform your obligations under this agreement.
2.2 You must use your best endeavours to ensure that information provided in relation to customers is accurate.
2.3 You must not:
(a) engage in any misleading or deceptive conduct or make any representation to any customer as to the likelihood of the success of an application; and
(b) make any warranty or representation in relation to any products or other services supplied by us.
2.4 You must provide any information reasonably requested by us on request regarding all the circumstances which relate to the introduction of a customer, including advertising, meetings, diary notes, documents, and the personnel involved.
2.5 You indemnify us against all or any losses, damages, liabilities, costs or expenses suffered or incurred by us as a consequence of any failure by you to comply with any provision of this agreement or any applicable legislation (including the National Consumer Credit Protection Act 2009 (Cth) and the Privacy Act 1988 (Cth)).
2.6 For 12 months from the termination of this agreement, you must not encourage any person to refinance a loan made by us arising from a referral from you.
3. Referral fees
3.1 We will pay you a referral fee of:
0.1% of the amount of credit of each settled loan net of any offset and excluding GST
For each referral by you which leads to a loan being entered into between the customer referred by you and us, unless otherwise agreed in writing.
3.2 Referral fees will be by the 15th of each calendar month to your nominated account in respect of loans which are drawn down in the previous month.
3.3 You must disclose to each customer any referral fees or other fees or benefits which you and any of your associates may receive under this agreement.
3.4 If, for at least six months, we have been reasonably unable to locate you or arrange payment to you of any referral fees due under this agreement, we may cease paying referral fees, including any accrued but unpaid referral fees.
3.5 We will not be obliged to pay any amounts which are found to breach any laws, in particular any conflicted remuneration laws, and any payment made in breach of those laws must be refunded promptly by you.
4. Recipient created tax invoices
4.1 We can issue tax invoices in respect of supplies.
4.2 You will not issue tax invoices in respect of the supplies.
4.3 You acknowledge that you are registered for GST when you enter into this agreement and that you will notify us if you cease to be registered for GST.
4.4 We acknowledge that we are registered for GST when we enter into this agreement and that we will notify you if we cease to be registered for GST