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which you receive override, then no commissions or
advances will be due you under this contract. IMA
is responsible for payment of earned commissions
only if such commissions are paid to IMA in cash
by the CO.
* * * * * * *
18) You understand and agree that if you fail to
comply with any or all of the terms of this
contract, you shall forfeit forever any commission
that would otherwise be due under the contract,
whether vested or not.
* * * * * * *
STATEMENT OF ACCOUNT
IMA will each month, or at other reasonable intervals,
furnish you with a statement of your account and
remittance for any amount due. Upon receipt of such
account or remittance, you shall notify IMA in writing
of any corrections or irregularities within ten (10)
days of the date you receive such statement and/or
remittance, or the statement shall be deemed correct,
and rights to change any accounting shall be waived.
The agreement also contains a schedule of commission percentages,
setting forth the percentages of premiums earned by petitioner
for the initial year and for renewal years of policies sold by
him. The agreement provides that it is to be construed pursuant
to the laws of the State of Texas.
Payments Received From IMA
During 1992 and 1993, petitioner received payments from IMA
in the amounts of $222,304 and $319,765, respectively (the 1992
and 1993 payments). IMA reported the 1992 and 1993 payments to
both respondent and petitioner as nonemployee compensation on
Forms 1099-MISC, Miscellaneous Income (the Forms 1099).
Petitioners reported the 1992 and 1993 payments as gross receipts
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Last modified: May 25, 2011