What Is A Brokerage Agreement?
A broker is a person who, for a fee, mediates a contract or provides the opportunity to conclude that contract. The brokerage agreement is regulated under Articles 520-525 of the Turkish Code of Obligations No. 6098. Article 520 of the TCO defines the brokerage agreement and states that “A brokerage agreement is a contract in which the broker undertakes to prepare or mediate the possibility of concluding a contract between the parties and is entitled to a fee in the event that this contract is concluded.” As can be understood from this definition, the law divides brokerage into 2 different types. Firstly, it defines “opportunity broker” by pointing to the activity of preparing the opportunity to conclude a contract, and then it defines “intermediary broker” by the activity of mediating the conclusion of a contract. While the opportunistic broker does not have an obligation to bring the parties to the main contract together, the intermediary broker will have completed his duty when he brings the parties to the main contract to an agreement.