Charter of Commitments

Charter of Commitments
CORFAC International 

Preamble

This charter is intended to express the underlying commitments of affiliated firms, their agents and their employees. These commitments extend beyond the basic functions of affiliation with CORFAC contained within the organization’s Bylaws. Any violation of the terms of this Charter will be deemed to be a violation of Corfac’s Bylaws and may result in sanctions, including the suspension or termination, in accordance with the Bylaws.

Commitment 1 - Attendance at Conferences 

Representatives of CORFAC firms are committed to attend each of the organization’s international conferences and at least one regional conference annually according to the following schedule:

Additionally, firms that have multiple offices must have at least one attendee from each of the market areas for which the firm has been granted representational rights by Corfac at one international conference each year.

Commitment 2 - Attendance at Board of Directors Meetings

Corfac firms are committed to have a duly authorized representative (as defined in the Bylaws) attend every meeting of the Board of Directors. This representative shall have the authority to vote and act on behalf of the firm.

Commitment 3 - Participation on Committees

Corfac firms are committed to have at least one representative participate on the Transactions Committee and at least one representative on one of the organization’s other standing committees.

Commitment 4 - Transaction & Trend Reporting

Corfac firms are committed to report all transactions that occur between firm firms in as timely, complete and accurate a manner as is reasonably possible, and report transaction and trend information on a quarterly basis.

Commitment 5 - Annual Firm Profile Data

Corfac firms are committed to update their firm profile data on the CORFAC Website on at least an annual basis and to provide data for the CORFAC Firm Census.

Commitment 6 - Use of Corfac Brand*

CORFAC firms are committed to identify their affiliation in the organization as follows:

Employ CORFAC Brand with the Arc with Firm Name or Arc with Firm Logo format on all written and electronic material (including, without limitation, websites, signs, letterhead, business cards, brochures, and promotional material).

Employ Corfac identity in phone greeting, on company website and in email signatures.

Commitment 7 - Professional Conduct

Corfac firms are committed to handle qualified inquiries, referrals and assignments from other Corfac firms in the most professional and timely manner that is reasonably possible, regardless of the size or complexion of the transaction or assignment, and regardless of the prospects for financial gain. Corfac firms that generate inquiries, referrals and assignments are committed to assure that the quality of each inquiry, referral or assignment is reasonably sufficient to warrant the time and attention of the receiving firm.

Intending to be legally bound by the commitments contained in this Charter, the undersigned firm hereby agrees to the terms and conditions outlined above, and further agrees to disseminate these commitments to all of its agents and to require their compliance with the commitments set forth herein.

Commitment 8 – Risk Management 

CORFAC firms are committed, if CORFAC is a party to any action, suit or proceeding arising from any action or inaction of the CORFAC firm, its agents or employees, to indemnify, defend and hold CORFAC harmless against all actions, proceedings, judgments, penalties, fines and amounts paid in settlement and all other expenses actually and reasonably incurred by CORFAC in connection therewith (including reasonable attorneys’ fees), unless caused by CORFAC’s negligence or willful misconduct.  The CORFAC firm has the right to utilize its attorneys to defend CORFAC in such an action, subject to CORFAC’s right to review and approve the attorneys, which approval will not be unreasonably withheld.

CORFAC firms are committed to maintain commercial general liability insurance coverage written on an occurrence basis in an amount reasonably acceptable to CORFAC.  The insurance shall name CORFAC as an additional insured and contain an endorsement prohibiting cancellation or failure to renew without the insurer first giving CORFAC thirty (30) days’ prior written notice.

Commitment 9 – Referrals

CORFAC firms will endeavor to send at least one outbound referral to a CORFAC colleague annually.

*New members shall adopt the CORFAC branding standards as outlined in the Branding Manual within 2 years of affiliation.