The following are the Rules and Regulations governing Nomination and Selection of Winners ("Rules") established by the Selection Committee ("Committee") for The Summit Awards Northern Nevada Commercial Real Estate 2013 Summit Awards ("Summit Awards"). These Rules shall govern both the completion of the nomination forms that are used to nominate each candidate for an award ("Candidate") and the Committee's selection of the winners. The Candidate's submission of a nomination form, or the submission of a nomination form on behalf of the Candidate with the Candidate's tacit or express permission, shall constitute the Candidate's agreement to be bound by these Rules and any revisions or amendments hereto made by the Committee from time to time in its sole discretion.
Eligibility Requirements for Candidates
For a Candidate to be eligible, he or she must:
Every application will be kept stictly in confidential; no private information on any application will be shared with anyone other than the Summit Awards administrator.
A total of eight (8) broker awards will be given. One (1) award will be given in each of the following categories (each of which is individually referred to as a "Category"):
* The Largest Single Lease and Largest Single Sale Transactions are the only two Broker of the Year awards that are not based on commission. Rather, they acknowledge the broker(s) who exhibits the greatest total consideration for a Lease or Sale. These two awards are designed to recognize all parties involved in the deal including the broker, owners, developers and others.
The Candidate must show on the nomination form which Category he or she desires to compete. For the specialized awards, all Gross Commissions (see definition in Section 5 below) can be included, even those outside the Candidate's chosen Category, so long as at least seventy-five percent (75%) of the Gross Commissions are attributable to transactions in the Candidate's chosen Category. For example, a Candidate competing in the Industrial Category will be permitted to have Gross Commissions attributable to non-industrial transactions in an amount not to exceed twenty-five percent (25%) of total Gross Commissions. Examples of transactions that would be properly considered as being within the Candidate's specialty Category include, but are not necessarily limited to:
The following transactions cannot be included in the nomination form:
(i) Loans; and
(ii) Transactions in which the Candidate was a principal, and prior to the consummation of the transaction, the Candidate's
interest in the property exceeded ten percent (10%) of the value of that property.
If more than seven (7) Candidates are nominated in any single Category, the Committee reserves the right, in its sole discretion, to limit the Candidates eligible to compete in that Category to seven (7) Candidates; those seven (7) candidates will be selected based solely on Gross Commissions.
Any Candidate who fails to have Gross Commissions that equal at least fifty percent (50%) of those of the Candidate with the greatest Gross Commissions in the same Category may be excluded by the Committee, in the exercise of its sole discretion; irrespective of this rule, there shall in all events be at least three Candidates in each Category.
Each Candidate may submit a nomination form for only one (1) Category.
The Candidate with the greatest Gross Commissions in each Category will be the winner for that Category; provided, however, that the Committee reserves the right, in its sole discretion, to disqualify any Candidate whose participation in Summit Awards would be detrimental to The Summit Awards.
Gross Commissions - Candidates shall be judged based on "Gross Commissions", which shall be the total commission dollars the Candidate actually collected, with no deduction for the brokerage house's split, but adjusted to exclude (i) any commission split allocated to brokers or agents within the Candidate's brokerage house, (ii) any bonuses and (iii) outgoing referral fees. Gross Commissions shall not be reduced by any payments made by the Candidate to the Candidate's employees that came out of Candidate's taxable income (in other words, what the Candidate does with his or her taxable income has no bearing on the calculation of Gross Commissions).
Media - Candidate acknowledges and agrees that the Committee may share the nomination form and other information submitted by the Candidate with the media, and Candidate hereby consents to such usage. Only the rank of Candidate relative to other Candidates will be published, and Gross Commission amounts will not be published. The Judges and The Summit Award Committee shall have no liability whatsoever for any errors, omissions or editorial decisions made in such publications
Effect of Confidentiality Agreements - In situations where the Candidate is unable to provide all of the information required by the nomination form as to a particular transaction, due to confidentiality or nondisclosure agreements, the names of the parties to the transaction need not be disclosed; however, the Candidate must provide as much relevant information as is permitted under those agreements, and in any event, information respecting the Gross Commissions must be completed in order for the nomination form to be valid, and the nomination form must state that the reason that the parties are not named is because of a confidentiality agreement. In addition, because the Summit Awards event may feature a slide presentation and video testimonials concerning the winners of each Category, a Candidate whose transactions are confidential may be disfavored by the Committee.
Verification - The Committee reserves the right (but not the obligation) to verify the information in the nomination forms, without the prior consent of the Candidate. The Candidate agrees that the Committee does not have the resources to verify all nomination forms, and assumes the risk that the nomination forms submitted by other Candidates may contain inaccurate, misleading, or incomplete information. In no event will The Summit Award Committee (or any officer, director or employee thereof) or the Summit Awards Judges (or any member or other representative thereof) have any liability of any kind whatsoever to any Candidate as a result of their participation in the Summit Awards nomination and winner-selection process.
Deadline for Submission of Nomination Forms - Completed nomination forms are to be sent to: Summit Awards Nominations, Attn: Carol Martin, Dermody Properties, 5500 Equity Avenue, Reno, NV 89502 and must be received by 5:00pm, March 7, 2013. Candidates are encouraged to hand deliver the nominations to avoid missing the deadline. The Committee, in its sole and absolute discretion, may disqualify any Candidate whose nomination form is not timely received or fully completed in strict accordance with these Rules.
Errors in Nomination Forms - The Committee will devote considerable time in detecting and correcting errors in the nomination forms - the overwhelming majority of which errors were the result of carelessness on the part of the Candidate. The Committee has attempted to make the nomination process as simple as the subject matter permits, by refining the nomination form, meeting with managers, and providing ample time to complete the form. The ultimate responsibility for correctly completing the nomination forms, however, rests with the Candidate.
Presentation - The awards will be presented at the Summit Awards event, to be held at the Eldorado Hotel & Casino, Convention Center - Lower Level, Reno, Nevada on Friday, April 19, 2013.