If you have many contacts in the business world and like introducing people to each other, you can take things to the next level. For example, if you are a web designer, many of your clients may ask you if you know someone who can help with the copy.
If you have a trustworthy contact, you can continue to make recommendations. However, after you sign a Mutual Referral Agreement, everything will be more transparent. You can also specify a fee for each new client recommended, which may motivate you further.
The Mutual Referral Agreement is entered into by two parties who agree to refer potential clients to each other. It is often signed by people who work in similar fields or provide related services, such as marketing and graphic design, catering and wedding decoration, and so forth.
The agreement outlines the responsibilities of both parties and the conditions in which they should refer potential clients. The most important part of the deal is perhaps the referral fee. You could set a fixed price for every client recommended or make it a percentage of the amount spent with the recommended party.
The Mutual Referral Agreement acts as a reminder of all the rules established. It helps you to avoid situations where the other person ignores their part of the bargain. In short, the agreement formalizes everything.
Depending on your state, a Mutual Referral Agreement may also be known as:
If you are actively referring many potential clients to others, or if you want to increase the number of your clients, a Mutual Referral Agreement can help you. The best practice is to sign the agreement with a business whose clients list overlaps with yours. You could be working in similar fields, for example, though that does not have to be the case. Let’s say you work in the beauty industry; your clients may already be asking for your recommendations of other professionals in the sphere because they trust you.
You can sign an agreement with someone to whom you’ve already been referring customers, or you could look for businesses who have a similar type of clients like you and then propose them a Mutual Referral Agreement. The most vital thing is to make sure you can both benefit from it.
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Your Mutual Referral Agreement does not have to be notarized. Both parties’ signatures on the document are enough to make it legally enforceable. If you don’t want to notarize it, it can be helpful to witness the signing for additional security. If one of the parties is to stop referring clients, refuse to pay as agreed, or otherwise break the agreement, it’d be much harder to contest the signatures if they are witnessed.
Once you’ve downloaded the Mutual Referral Agreement, print at least two copies, one for each of the parties involved. You can keep the document in your records and give an additional copy to your attorney, if applicable. If you want to make changes to the agreement, you will have to sign a new deal, which will automatically replace the previous one.
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