What exactly does commercial real estate investment involve?

What exactly does commercial real estate investment involve?

It is for shopping malls such as Wanda Plaza and Yongzhen City. The investment promotion is mainly responsible for negotiating with brands, including rent, lease period, etc. You need to be familiar with the styles of various brands on the market and the store opening requirements of each brand (such as store area, engineering conditions, surrounding brand atmosphere requirements, etc.). It's very easy to get started, and you need to have high emotional intelligence, but it takes time to become truly proficient. Commercial real estate has developed rapidly in recent years, with many shopping malls and fierce competition for brands. There will definitely be a brighter future as a second-hand agent than you, but the pressure will also be greater. I hope it helps. If you are an outgoing person who makes friends, it is suitable. Looking for experts, what does a commercial real estate investment specialist do in the early stage?

Industrial park, why does it sound like an industrial park?

In summary, there are two tips for attracting investment: one is to know oneself, and the other is to know the enemy.

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1. Communication, self-packaging - minimum elements such as knowledge, image, behavior, social etiquette, conversation, self-cultivation, etc. should be possessed;

2. Change, training of basic skills ——The exercise of thinking ability. One family thinks that the most important thing is the ability to respond and adapt. This is the most important first quality ability for businessmen, followed by good analytical ability and psychological state;

……

3. Diligence and accumulation of resources - the biggest tips and tricks for attracting investment are actually here. Familiarize yourself with your customer resources and the characteristics of the industry. This is easier said than done. It requires legwork. , hands, mouth, and brain to promote extensive collection and sorting of information. There are no shortcuts, no cutting out the trash and keeping the essence. It all depends on accumulation and thinning, and becoming a "people with heart" is the second most important quality for businessmen. Is it investment promotion? What is commercial real estate investment?

Problems and characteristics of commercial real estate investment promotion

The characteristics of commercial real estate investment promotion are that the target merchants have clear priorities, large differences in rents and lease terms, long investment duration, high difficulty, and technical requirements high. Anchor stores have long lease terms and cheap rents, while small and medium-sized stores have shorter lease terms (usually three years) and higher rents, often 3 to 10 times that of anchor stores. Investment recruitment takes a long time. For general commercial real estate projects, it starts from the combination of business formats and continues until the opening. After the investment is launched, merchants are often adjusted. Generally speaking, it is difficult to fill up the current projects in less than half a year. From the first negotiation of the anchor store to the signing of the contract, it will take half a year at the fastest. It is not easy for the anchor store to grasp the project, and there are not enough chain operators now. The situation has improved after the retail industry was liberalized. Recruiting investment is a manual job and needs to be done step by step. We don’t advertise for investment now. All negotiations are done one by one, so you have to be very patient.

Regarding the problems existing in commercial real estate investment promotion.

The first is how difficult it is to attract investment; the second is what kind of merchants to recruit into the store and how to determine the rent and sign a lease.

Judging from the mentality of merchants who are unwilling to enter the market, one is that they feel that this place is not good and has no investment value; the second is that they feel that there are other projects that can be negotiated, but they are not sure about this project (of course This may be caused by the project itself); the third type is that the project can still be done, but it is not very suitable; the fourth type is that the project is good, but just can’t get into it, maybe it’s too expensive or something else Conditions are too high.

The problem of difficulty in attracting investment cannot be said to be entirely due to the lack of merchants, but because the project is not targeted and the grasp of merchants is not so accurate. Therefore, investment promotion can only be more targeted by considering the problem from the perspective of merchants. The more accurate it is, the higher the success rate will be.

Recruiting what kind of merchants to enter the store seems to be a job of investment recruitment. In fact, the core issue also includes the basic positioning of the shopping mall, because each positioning will target different merchants, such as design ideas, business philosophy, and now there are In many projects, it is still the case that whoever pays the highest rent will be hired, regardless of whether they are good or bad. Although there are very few people doing this now, most commercial real estate projects have complete business and brand planning. Which merchants are recruited into the store will determine what the shopping center will sell in the future, how to sell it, and to whom.

What are the difficulties in determining rent? We all hope to achieve high rents, or to collect funds quickly, but there is another issue of cultivating the market that cannot be ignored; merchants hope that rents will be low, and if they are too high, they will leave. In fact, many projects now have different views on rent than when they started. Except for those large brand stores, there are many businesses that are not very accurate in judging rent. We have also conducted interviews with the CEOs of chain stores in Shenzhen. After discussion, many of their judgments about location are intuitive. Nowadays, the rent of many projects may be very high, but more importantly, it depends on whether it can continue to operate. It is not about the current rent, but the rent in two to three years. The rent at that time will basically be stable. .

There are three stages of investment promotion, one is full market, the second is stable market, and the third is prosperous market. After three years, there will be an annual adjustment of 5% under normal circumstances. The initial rent does not mean that it will be like this in the future. On the contrary, it will be more long-term to recruit some good merchants to make the business prosperous. The rental strategy includes the overall price, rental form, and lease period. Now, except for the larger anchor stores, the general store lease is three years. There will be great changes during the three years, or it can be completed after three years. Raise the rent slightly during the year. The risks of large stores are actually very high, and they will leave if they don't do well.

The second question is about the lease. Some projects are favored by merchants, but they are always reluctant to sign the contract, or they are overturned within a few days. Problems with the lease account for a large part of this. The current problem with the lease is that the developer is unwilling to sign it, hoping to get more benefits. It is beneficial to make the lease clear, and the developer will gain the trust of the majority of merchants. Another reason why the lease is not signed is that the developer does not pay enough attention to the contract. Many things are often omitted in the contract, and many superficial things are not reflected in the contract, and these contents are indeed often encountered; developers are basically pursuing simplicity, as long as the merchants can pay enough every month. The rent is enough, the developer doesn’t want to make it too complicated. What can Sina Commercial Real Estate Investment Center do?

The core business model can be divided into three parts:

1) Online services: through three major professional websites: Baidu Brand Zone, Sina Home Page, and China Real Estate E-commerce Service Website EJU Platform Online release of brand merchant expansion needs and commercial project investment information;

Specifically includes: Sina homepage information release; Baidu brand area promotion; EJU real estate e-commerce portal promotion; Sina commercial real estate homepage recommendation; LeShang E-Xun EDM is launched directly; reported by "LeShang" and "Commercial Real Estate Observer" magazines.

2) Online services: Provide consumer market research information through the commercial real estate professional database, provide commercial competitive environment analysis through commercial real estate project diagnosis, import Le Chamber of Commerce brand merchants through the China Le Chamber of Commerce merchant resource database, 400 The professional call center provides professional consulting services, and the Sina Investment Center project library imports massive commercial project information;

Specifically includes: opening the Sina Investment Center electronic investment channel; CRIC professional commercial real estate database support; CRIC professional Commercial project diagnosis services; 400 hotline to provide professional investment consulting services; database marketing, mobile phone text messaging.

3) Offline services: Matching needs online and offline to facilitate negotiations and signings between developers and brand merchants.

Specifically include: China Commercial Real Estate Job Fair; Merchant Tasting Group (and Project Tasting Meeting); DFOM Commercial Real Estate Annual Meeting; Master Salon; President Salon.

Commercial real estate investment process, commercial real estate investment strategy

1. The commercial project department conducts market research and target customer analysis; 2. Determines investment objects; 3. Determines the business model: investment operation; entrusted operation; leasing operation; Direct operation; virtual operation; 4. Formulate preferential investment strategies; 5. The commercial project department implements the customer investment monthly plan; 6. The investment supervisor develops the customer investment weekly plan; 7. The customer administrator completes the filing of customer information and prepares investment materials. ; 8. The investment promotion supervisor develops, visits and contacts with target customers; 9. The commercial project department classifies customers and determines the focus; 10. The commercial project department arranges preliminary negotiations between customers and developers to fill in the investment tenant registration form 11. The commercial project department is responsible for customers Communicate and negotiate with developers; 12. Developers and customers determine cooperation objects, sign letters of intent, and pay deposits; 13. Commercial project department, developers communicate, negotiate, and plan modifications and approvals with customers; 14. Developers, Both clients formally signed an investment agreement;

Commercial real estate investment planning

Commercial real estate investment planning Shangge name investment positioning

1. Overview of Zhuzhou

1. Urban Overview

Zhuzhou is the largest transportation hub in southern my country. It borders Guangdong to the south, the Yangtze River to the north, Shanghai, Jiangsu and Zhejiang to the east, and Bashu and Yunnan and Guizhou to the west. It connects East China, South China, It is known as the economic link city in Southwest China. The three main railway lines of Beijing-Guangzhou, Zhejiang-Jiangxi and Hunan-Guizhou, national highways 106 and 320, as well as the Beijing-Zhuhai Expressway under construction and the Shangrui Expressway to be built by the state, intersect in the urban area.

Zhuzhou City currently governs the five counties and cities of Yanling, Chaling, You County, Liling City, and Zhuzhou County, as well as the four districts of Lusong, Shifeng, Hetang, and Tianyuan, as well as the national high-tech industrial development zone, with a total area of 11,400 square kilometers, of which the urban area is 450 square kilometers. The total population is 3.7 million, of which 700,000 are in the urban area. Machinery, metallurgy, chemical industry, and building materials are the four pillar industries of Zhuzhou. Zhuzhou has more than 50 leading products in the country, ranks first in the country in output in 11 items, and ranks first in export volume in 9 items. For many years, its export earnings have ranked first in Hunan Province, and it is one of China's 33 foreign trade comprehensive cities. One of the export commodity bases. Zhuzhou City has strong comprehensive economic strength. In 2006, the city's GDP exceeded the 60 billion yuan mark, reaching 60.53 billion. The per capita GDP is 16,526 yuan.

2. Overview of Tianyuan District

Zhuzhou High-tech Industrial Development Zone is a national-level high-tech industrial development zone approved by the State Council in 1992. It is located on the west bank of the Xiangjiang River in Zhuzhou City. The total planned area is 35 square kilometers. Over the past ten years since its establishment, Zhuzhou High-tech Zone has undergone rapid changes and has developed into a modern high-tech new urban area with scientific and reasonable planning and layout, complete infrastructure, rapid development of high-tech industries, and orderly management of social undertakings. In 2004, it was rated as one of the "Top Ten Investment Environment Integrity and Safety Zones in Hunan Province", and in 2005, it was rated as one of the "Top Ten Harmonious Administrative Demonstration Zones in Hunan Province". By the end of 2005, the district had 898 enterprises of various types, including 129 high-tech enterprises (which have successfully applied for 17 national "863" projects), 68 foreign-funded enterprises, and 8 listed companies. Four new high-tech industries: integration, electronic information, and biomedicine. In 2005, the regional GDP was 9.7 billion yuan, the total industrial output value was 23.8 billion yuan, and the fiscal revenue was 697 million yuan, ranking 35th among the 53 high-tech zones in the country.

3. Economic overview and consumption points in 2006

The total retail sales of consumer goods in Zhuzhou City exceeded the 20 billion yuan mark, reaching 20.85 billion yuan, an increase of 15.1%. After deducting price increases, the actual growth was 13. The retail sales of consumer goods in cities and rural areas were 12.94 billion yuan and 7.91 billion yuan respectively, an increase of 16.4 and 13% respectively. The catering industry and wholesale and retail trade industry grew strongly, achieving operating income of 2.51 billion yuan and 17.99 billion yuan respectively, an increase of 16.9 and 15.0 respectively.

2. Project Overview

Shangge Famous City is located on the southeast side of Zhuzhou Sports Center, bordering Zhuzhou Avenue to the south, Xiangjiang River to the north, facing Shifeng Park, and Lushan Road to the west. There are buses passing by No. 45, No. 18, No. 59, etc. Shangge Mingcheng covers a total area of ??800 acres, with a total construction area of ??nearly 1.2 million square meters and a total residential population of more than 30,000 people. The commercial area is 18.54 square meters, the general commercial area is 10.54 square meters, the comprehensive commercial area is 40,000 square meters, the hotel office area is 40,000 square meters, the kindergarten is 6,000 square meters, the hall is 10,000 square meters, and the primary school is 21,000 square meters.

3. Market positioning

According to a survey of Tianyuan District in 2006, the total retail sales of consumer goods in the district was 1.275 billion yuan

, the accommodation and catering industry was 100 million yuan, and the wholesale and retail sales were 1.275 billion yuan. The trade industry is the pillar of consumption, with sales of 361 million yuan and 892 million yuan respectively. Tianyuan District's per capita GDP is 26,411 yuan, with strong consumption power.

The first phase mainly provides living facilities to meet the various needs of community residents, forming a small

community business, including catering, supermarkets, convenience stores, tobacco shops, Laundry, teahouse, sports and fitness, etc.

In the later period, with the rolling development of residential buildings, store areas featuring entertainment, leisure, and shopping were formed, such as special women's areas, children's areas, bar sports areas, and other professional stores, which were reasonably introduced in the special areas. Life support merchants that satisfy various communities.

The specific commercial positioning of the first phase:

Building 4: Home decoration company and home furnishing industry.

The first floor and first basement of Buildings 11 and 12: living supporting area

The first floor and first basement of Buildings 12 and 13: shopping area

11 , 2nd floor of Buildings 12 and 13: large-scale restaurants, Internet cafes, fitness and other commercial institutions with an area of ??more than 500 square meters

Building 15: boutique commercial area

4. Commercial positioning SWOT analysis

1. Advantage analysis

1. It is relatively easy to attract investment in the early stage, and merchants do not have high requirements for store adjustments and related policies.

2. Small capital investment, only a small amount of media advertising and material production costs.

3. The market capacity is large. Based on the Shangge Residential Group, the visible consumer population reaches more than 30,000. With the continuous development of surrounding real estate projects, the occupancy population will continue to increase, and the invisible consumer population will reach 10 More than ten thousand people.

4. There is no established business district in the surrounding area. Our business district can form a strong market aggregation effect and create a high-end and high-quality modern consumption operation that is different from the original consumption concept of current community businesses. concept and consumption place, in terms of the transformation of old and new consumption concepts, this project has attracted more attention from modern consumers.

5. Most of the merchants in the market today are followers, and most of the things they follow are brand merchants and merchants with charisma.

2. Disadvantage analysis

1. The project development cycle is long, and many operators and investors have a wait-and-see attitude.

2. Traffic disadvantages: the current bus lines passing through this project are only No. 59, No. 18, and No. 45, and the commercial radiation range is small.

3. The three major shopping locations for Zhuzhou consumers are the downtown business district, Lusong business district and Hexi Xinyijia business district. This business district has disadvantages in terms of business atmosphere, merchant brands, scale, and transportation.

4. Zhuzhou has a high level of vacancy of commercial space. In 2006, the vacant area of ??commercial space was 74,000 square meters, a year-on-year increase of 16.3%. Commercial real estate is in a state of oversupply.

3. Market threats

1. Xiangyin Real Estate is building a street-facing commercial center 1,000 meters away from this business district.

2. Lushan Spring and Lushan Love, urban landscape projects are approaching. It is expected that the first phase of housing will be handed over this year, and shops can also be handed over at the same time.

5. Investment Principles

Implement the basic principle of “two key points and four priorities”

1. Two key points

1 , focus on introducing influential and powerful business institutions in the city to join in cooperation.

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2. Famous brands are given priority: domestic and foreign famous brands are given priority;

3. Exclusive operations are given priority: brands that operate exclusively in the region are given priority;

4 . Priority for special projects: Commercial institutions with special business projects will be given priority to introduce.

5. Priority will be given to those with a leasing area of ??more than 500 square meters

6. Key investment items

1. Brand manufacturers are the main products in the clothing industry;

2. Well-known commercial institutions in the city and province, such as Sports Space, Sunshine Foot Bath, etc.;

3. Regional brand agents with rich marketing experience:

7. Investment policy

1. The rent will not be increased incrementally. The last year’s rent will be used as the standard rent, and the rent in previous years will be applied.

Regarding the real estate marketing planning plan- Question - Fangce.com: fangce.

Real estate marketing planning copy - please click:: fangce./Article/Index.

Free download of real estate planning plan - please click:: fangce./Soft/Index. How to return to the ancestors of commercial real estate investment

A lease-back agreement can be prepared based on the quality of the location. The landlord's question should refer to commercial retail (the developer sells commercial real estate to Small owners), remember to have unified management, and can promise a return of no less than 8 within three years. The general approach is as follows:

1. Anchor store: It must be on the first floor. Although its rent is not the highest, it can attract crowds, increase visibility, increase bag-carrying rates and consumption. For example: Apple flagship store, ZARA, UNI, etc. . .

2. Determine product positioning based on location and location: whether to introduce first-class international brands or second-class brands. Or: small commodity wholesale market, which can serve as a consumer group in the mid-range market.

3. Integrate commercial facilities such as catering and supermarkets.

The above is an analysis of commercial formats. It is recommended that you find a professional commercial real estate planning company to do overall planning and commercial operations. They have merchant resources, can carry out investment promotion work, and can coordinate developers, tenants, and owners (The rental property) makes a great bond. We also provide consulting services for operation and management companies after the commercial opening in the future, including comprehensive professional services from pre-production, construction, operation, commercial property management, etc.~~

How to return the lease: Enter the decoration period after delivery, and choose the zodiac Opening on an auspicious day, the unified management model allows businesses to make a smooth transition in the first year (business maintenance period), while operating companies need to plan festivals or publicity activities in the second year (growth period), and the third year (development period). There are many successful cases in the specific business model market, such as Beijing Xidan Joy City, Capital Grand Canyon, Shenzhen's China Resources Yongzhen City, etc.

When merchants start to make money, they can adjust their brands and business formats. At this time, they will perform leasebacks. Merchants who disagree will withdraw, change merchants, and negotiate contract renewal with small landlords.

There are two situations for rent return, one is to renew the contract with the small landlord, and the other is to renew the contract with the merchant or change the merchant. Commercial real estate investment commission system

1. Salary: basic salary commission;

2. Investment performance refers to the signing of the "Lease Contract" by both parties to the lease, and the lessee pays the fees due for the leased property ;

3. Commissions are calculated after tax, and the company is responsible for taxes;

4. Commissions are divided into public servants and private servants.

1. Basic salary (basic salary after becoming a regular employee, and includes all subsidies)

General manager of commercial company, manager of business management department, planning supervisor, investment promotion supervisor, investment promotion clerk, operations specialist, The basic salary of the investment specialist: shall be implemented in accordance with the standards stipulated in the company's existing establishment and administrative level salary system;

(If local people are hired where the project is located, it can be adjusted appropriately according to the local income level);

2. Commission commission ratio

General manager of commercial company: public servant---responsible for the investment project and content, 20% of the total investment performance of the month will be accrued;

Business management Department manager: public servant---according to the investment project and content in charge, 8% of the total investment performance of the month will be withdrawn;

Planning manager: public servant---2% of the total investment performance of the project for the month will be withdrawn ;

Investment promotion clerk: According to the corresponding salary standards for company clerks, they do not enjoy the investment promotion business commission incentive plan.

IV. Commission regulations for investment personnel

The investment work can be roughly divided into two stages in order: one is the investment stage for main stores and sub-main stores; the other is comprehensive On-site investment promotion stage. According to industry standards and combined with the actual situation of the company's current Sanmenxia project, the commission commission plan is as follows:

1. Commission commission standards for the comprehensive on-site investment promotion stage

Investment promotion supervisor/investment specialist: will be based on The total amount and difficulty of the project are used to break down the investment tasks and establish a standard assessment base.

(1) Investment Supervisor:

Public servants---3% of the total investment performance of the project in the month;

Private servants---based on the personal investment performance of the month For total calculation, the base is xxxx yuan per month;

A. If the transaction amount of the month is less than xxxx yuan, the commission ratio is 10;

B. If the transaction amount of the month reaches xxxx yuan, the commission ratio is 15;

C. If the transaction amount of the month reaches xxxx yuan or more, the commission ratio is 20;

(2) Investment Specialist:

Public Servant---Project 2 of the total investment performance of the month ÷ the number of investment specialists;

Private servants---the same proportion as the personal servant commission of the investment director;

2. Investment stage for main stores and sub-main stores Commission commission standards:

Commission commission standards for anchor stores and sub-anchor stores:

1) The contract transaction of the anchor store (after signing the contract, sealing it, and paying the deposit, the actual meaning The investment recruitment work has been completed), but since it has not officially opened, the implementation of the contract terms needs follow-up, so the commission can be implemented in the month after receiving the deposit, but only 80% of the total commission that should be withdrawn, and the other 20% The commission will be paid within one month after the merchant opens for business;

2) The accrual standard for the public servant part of the commission shall be based on the corresponding proportion that individuals should enjoy as stipulated in the above "Commission Standard for Comprehensive Resident Investment Stage" Provision;

3) The provision standard for the personal servant part of the commission (that is, the personal servant of the first negotiator of the contract, the investment manager, and the manager of the commercial management department) is as follows:

Private servants---calculated based on the total personal investment performance of the month, the base is xxxxx yuan per month

A. If the transaction amount of the month is less than xxxxx yuan, the commission ratio is 10;

B. The transaction amount of the month reaches xxxxx yuan, and the commission ratio is 15;

C. The transaction amount of the month reaches xxxxx yuan, and the commission ratio is 20;

(Note: due to the main store and sub-main store Due to the characteristics of investment promotion, unlike the monthly task assessment base in the comprehensive on-site investment promotion stage, the average monthly task base should be much smaller. Xxxxx yuan is the reference base and can be adjusted according to the actual situation of the project.

)

5. Commission payment time

The transaction performance of the investment personnel for the month will be calculated by the investment supervisor at the end of the month, audited by the manager of the project business management department, and then verified by the financial department and reported to the commercial company. After review and approval by the general manager, it will be paid together with the monthly salary.

6. Supplementary explanations

1. For the calculation of public servants of all investment personnel, if a new employee joins and works for less than 30 days in the month or leaves the job in the same month, the employee’s Public servants are not included in the calculation.

2. If any investment recruitment personnel in the department resign, the commissions (public servants and private servants) generated by them will be distributed to the Investment Promotion Department in the form of public servants for reasonable distribution.

Support Attachment 1: Commission Calculation Ratio Instructions

1. Instructions for extracting the total commission amount:

According to the current management methods for rent payment by contracted merchants in the industry, general merchants Rent payment is a one-time 3 months rent. According to the current investment promotion commission extraction ratio, it is generally 1.5-2 months of rent for investment projects, so the total target extraction is 50% of the contracted rent.

2. General Manager of Commercial Company/Business Management Department Manager/Planning Supervisor:

The job functions of the three positions are determined by coordinating and taking into account the investment progress of the promotion project, so commission withdrawals are only made in The general manager will withdraw 20 from the total contracted rent, taking into account job responsibilities and contribution level, the general manager will withdraw 8, and the planning director will withdraw 2.

3. Investment Supervisor/Specialist:

Take 3 and 2 of the total contract rent as rewards to the supervisor and specialist respectively, and the other 15 as an assessment coefficient incentive Investment personnel.

Attachment 2: Description of the calculation method for the performance base of scattered shop leasing

The area that the department needs to complete every month = 70 of the total construction area ÷ the number of months in the investment period

The area that needs to be completed per person per month = the area of ??transactions that need to be completed per month ㎡ ÷ the number of investment personnel (competitors in charge)

The amount that needs to be completed per person per month = the area that needs to be completed per person per month ㎡ ×The average rental price is xx yuan/㎡

The amount that each person needs to complete per month is the monthly retail store performance evaluation base of xxxxx yuan

Attachment 3: Calculation of the performance base of the anchor store Method explanation

The area that the department needs to complete every month = 70 of the total construction area of ??the main store ÷ the number of months in the investment period

The area that each person needs to complete every month = the transaction that needs to be completed every month Area ㎡ ÷ Number of investment personnel (competitor in charge)

Amount to be completed per person per month = Area ㎡ to be completed per person per month × Average rental price of main store xx yuan/㎡

The amount that each person needs to complete per month is the main store performance assessment base of xxxxx yuan per month. What are the methods for commercial real estate investment?

The method of attracting investment in commercial real estate is as follows:

1. The commercial project department conducts market research and target customer analysis;

2. Determine the investment objects;

3. Determine the business model: investment operation; entrusted operation; leasing operation; direct operation; virtual operation;

4. Formulate preferential investment strategies;

5. Commercial projects The department carries out the implementation of the customer investment monthly plan;

6. The investment supervisor develops the customer investment weekly plan;

7. The customer administrator completes the filing of customer information and prepares investment materials;

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8. The investment manager develops, visits and contacts target customers;

9. The commercial project department classifies customers and determines the key points;

10. Arrangements from the commercial project department The customer and the developer have preliminary negotiations and fill out the tenant registration form

11. The commercial project department is responsible for the communication and negotiation between the customer and the developer; 12. The developer and the customer determine the cooperation objects, Sign the letter of intent for investment and pay the deposit;

13. The commercial project department, the developer and the customer communicate, negotiate, modify and approve the plan;

14. The developer and the customer formally sign Finalize investment agreement;