REFERRAL SERVICE AGREEMENT

Dear Referral Partner,

We refer to our recent discussion concerning arrangements for the referral by you to Odin Finance Pty Ltd of any of your clients who may require business or commercial finance needs.

We have this formal agreement in place to detail our obligations in respect to the conduct of referring customers. This letter is intended to explain those obligations and to record the terms of our arrangement which is as follows:

You must:

• only engage in credit activities as a referrer incidentally to another business you are carrying on,
• not charge a fee to the consumer for the referral,
• only inform the consumer that we are able to arrange loans and leases but not specify any particular product, and not provide any recommendations or advice concerning loans or leases,
• inform the consumer of any commissions or other benefits you may receive,
• obtain the consent of the consumer to pass their name, contact details and a short description of the purpose for which the consumer may want the credit or lease, and
• pass the consumer’s contact details to us within five business days of informing the consumer that we are able to arrange loans and leases but not any specified particular

We recommend that you advise customers about our services in a form similar to the following script:

“Our business has a referral arrangement with Elias Dib from Odin Finance Pty Ltd, would you mind if I passed your details to them, then they can contact you to offer their assistance for your finance requirements?

And if the consumer responds affirmatively:

“I just need to let you know that Elias Dib is a licensed broker and if your loan application is successful, that I will be paid a referral fee. The referral fee will be disclosed within the documentation provided to you by the broker. When they contact you, they will check to make sure that you and I had this conversation before asking your permission to continue the conversation. Please be aware that you’re under no obligation to use their services, so you can decline their assistance at that point if you want to.” 

Odin Finance Pty Ltd must disclose to the client all commissions and fees payable to it from any source and  a brokerage split involving you. If the client decides not to proceed with any recommendations, we will not make any further unsolicited contact with your client.

Referral Fee payable
On completion of your referred client’s new finance business by Odin Finance Pty Ltd, we agree that the net amount of commission received will be:

• Upfront of 1% to you of the total net amount financed

Confidentiality Agreement
Odin Finance Pty Ltd agrees to keep all information, records and documentation of a private and confidential nature in relation to a client which comes into possession of Odin Finance Pty Ltd, not to disclose any such information except as required by law and generally to respect the confidential nature and integrity of the other party’s relationship with the client.

Relationship
The relationship between Broker company name and you created by this agreement is that of an independent contractor. Nothing in this agreement constitutes a party to the partner, agency or authorised representative of another party or for any purpose or creates any partnership, agency or relationship.

Termination
This agreement may be terminated by either party on 14 days written notice to the other. Any termination is without prejudice to any existing rights, liabilities or obligations of the parties.

Non-Exclusivity
Each party is free to enter into referral arrangements with other parties and to render similar services to other persons.

Assignment
You cannot assign or transfer any of your rights, benefits or obligations under this agreement without the written consent of Odin Finance Pty Ltd except the termination of this agreement.

Notices
Any notice or other communication in connection to this agreement must be in writing and be sent to the address set out of this letter and signed by the party making the communication or its authorised agent, and is deemed to have been received by the addressee within five days.

Amendment and Waiver
This agreement may not be amended or any provision waived in whole or in part except in writing signed by the parties.

We thank you for your cooperation with the above. If you do not refer business to us in accordance with the above, you will be in breach of the Act and liable to substantial fines. If you do not comply with the above and we continue to accept referrals from you, then we will be in breach of the Act.

We trust you will understand the rationale of these terms and that they are driven by the requirements of the Act. Please confirm your acceptance of the terms and conditions set out in this letter by signing the attached duplicate and returning it to me.

Thank you and we look forward to our continued relationship.