Terms & conditions
Subject to the terms and conditions below, LABS will pay a referral fee (the “Fee”) for any eligible referral that leads to the completion of a Licence Agreement in LABS’ standard terms (the “Licence Agreement”) for a private office at one of LABS’ buildings.
To be eligible to receive a Fee, persons or entities who are not brokers or current LABS employees may submit referrals through this Referral Scheme.
LABS reserves the right to determine, in its sole and absolute discretion, whether a referral or referrer is eligible to participate in the Referral Scheme.
If LABS accepts a referral submitted under this Referral Scheme, the submitting person or entity shall be deemed a “Referrer” for the purposes of that referral.
Referrals must be submitted via the official LABS referral form or via another method expressly agreed in writing by LABS.
Upon submission of a referral:
– LABS Sales team will review and manage the referral directly.
– The Referrer is not required to contact the referred party further unless requested by LABS.
– LABS will track and attribute referrals internally.
A “Qualifying Referral” is a referral which results in a Potential Licensee, having been introduced to LABS through a referral submission, entering into a Licence Agreement.
To be considered a Qualifying Referral, the Potential Licensee (or the primary members of such entity) must:
– Enter into a Licence Agreement for a private office with LABS within ninety (90) days of the referral submission date;
– Not be a current or historic LABS member;
– Not have entered into any broker agreement or exclusivity agreement covering the Licence Agreement;
– Not have previously contacted LABS, or otherwise been referred to LABS in the ninety (90) days prior to the referral submission date.
The Potential Licensee must not be:
– An entity of which the Referrer is an employee, partner, or owner of a controlling interest; A subsidiary, affiliate, group company or related entity of the Referrer or the Referrer’s employer.
– In the event that LABS receives more than one referral for the same Potential Licensee, LABS will honour the referral submitted first in time.
If LABS becomes aware that a referral has been submitted without the consent of the referred party, LABS reserves the right to invalidate the referral and exclude the Referrer from future participation in the Referral Scheme.
– Subject to these terms and conditions, LABS will pay a Referrer five percent (5%) of the first twelve (12) calendar months’ Licence Fee received by LABS pursuant to a Licence Agreement resulting from a Qualifying Referral.
– The Fee shall be capped at £20,000 per Qualifying Referral. If a Licence Agreement resulting from a Qualifying Referral ends for any reason, the Referrer shall only be entitled to Fees accrued during the active term of the Licence Agreement.
– Any decrease in Licence Fees during the first twelve (12) months will proportionately adjust the Fee. Fees apply to Licence Fees only and exclude any other charges.
Referral fees (“Fees”) will be paid in two instalments.
(a) Fifty percent (50%) of the Fees will be paid once the referred client has signed a licence agreement with LABS and paid both the initial deposit and first monthly licence fee in full.
(b) The remaining fifty percent (50%) of the Fees will be paid once the referred client has completed six (6) consecutive months under the licence, with all licence fees paid in full.
LABS may offset any Fees against sums owed by the Referrer to LABS.
The Referrer must provide valid and up-to-date bank details. LABS is not responsible for delayed or missed payments resulting from incorrect or incomplete bank information.
LABS may disqualify a Referrer for reasons including (but not limited to):
– Submitting false or misleading referrals
– Providing incorrect information
– Engaging in fraudulent or criminal activity
– Breaching these terms and conditions
– Disqualified Referrers are not eligible to receive Fees.
The Referrer shall indemnify and hold harmless LABS from any claims, losses or liabilities arising from:
– Participation in the Referral Scheme;
– Breach of these terms; or
– Negligence or misconduct by the Referrer.
LABS reserves the right to amend, suspend or terminate the Referral Scheme at any time without prior notice.
Upon termination or suspension:
– Referrers must cease promotion of LABS under the Referral Scheme;
– LABS will honour Fees for Licence Agreements completed prior to termination (except where disqualification applies).
Referrers shall not make representations, guarantees or public announcements relating to LABS or the Referral Scheme without LABS’ prior written consent.
These terms and conditions constitute the entire agreement relating to the Referral Scheme and supersede all prior discussions or correspondence.