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Important Change to QuestNet’s P&P - Does This Affect You?
Important: Change of Policies and Procedures (P&P)
Dear IRs,
We would like to inform you that effective from 1 June 2008; Clause 4.03 of our current P&P will be amended and replaced by the following clause [below]:
Amendment of the P&P highlights the forfeiture of commission earned by the IR during the period of non-renewal of his IR-ship.
“4.03 Renewal
A. The appointment of a Representative is for a term of one calendar year only. A Representative must renew his Representativeship annually on or before the Anniversary Date. Subject to any relevant requirements under the Compensation Plan, the Representative has a right to renew the Agreement by paying the non-refundable Annual Administration Fee on or before the Anniversary Date. If a Representative fails to renew the Agreement on or before the Anniversary Date, he will thereafter have a grace period of thirty (30) days to pay the Annual Administration Fee. If Annual Administration Fee is paid within the thirty (30) days, he will be deemed to have been renewed his Agreement on his Anniversary Date in that year.
B. A Representative has the right not to renew his Agreement at his sole discretion. If a Representative does not renew his Representativeship on or before his Anniversary Date and before the expiry of the grace period, his Representativeship shall become inactive with retrospective effect back to the date of the relevant Anniversary Date. Once an Representativeship becomes inactive, the IR concerned shall not be entitled to enjoy any IRs’ rights provided for in this P&P, including but not limited to the right to any bonuses and/or commission accrued after that Anniversary Date should his Representativeship have not become inactive, except the right to renew his Representativeship by paying the non-refundable Annual Administration Fee.
C. If an inactive IR subsequently renews his Representativeship, he shall thereafter be entitled to enjoy all the rights provided for in the P&P. For avoidance of any doubt, a former inactive IR shall be entitled only to commission and/or bonuses accrued after his renewal. He is not entitled to any commission which may have been accrued in the period during which his Representativeship is inactive, ie from the relevant Anniversary Date up to the date of his renewal.”
In Service,
QuestNet Ltd.
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