Cap. 13 Art. 77DWhen commission due and date for payment.

(1) Commission shall become due as soon as, and to the extent that, one of the following circumstances occurs:

(a) the principal has executed the transaction; or

(b) the principal should, according to his agreement with the third party, have executed the transaction; or

(c) the third party has executed the transaction.

(2) Commission shall become due at the latest when the third party has executed his part of the transaction or should have done so if the principal had executed his part of the transaction, as he should have.

(3) The commission shall be paid not later than on the last day of the month following the quarter in which it became due, and, for the purposes of this sub-title, unless otherwise agreed between the parties, the first quarter period shall run from the date the agency contract takes effect, and subsequent periods shall run from that date in the third month thereafter.

(4) Any agreement to derogate from sub-articles (2) and (3) to the detriment of the commercial agent shall be void.