A large share of physical oil deals involve intermediaries — brokers and "mandates" who connect buyers and sellers. Two agreements protect their work: the NCNDA and the IMFPA. If you operate as a broker, or work with them, understanding these is essential.
What an NCNDA is
NCNDA stands for Non-Circumvention, Non-Disclosure Agreement. It prevents parties introduced through a broker from going around that broker to deal directly — "circumvention" — and protects confidential information shared during a transaction. It is the intermediary’s basic shield against being cut out once introductions are made.
What an IMFPA is
IMFPA stands for Irrevocable Master Fee Protection Agreement. It secures the intermediary’s commission by committing the paying party to remit an agreed fee, typically via the transaction’s banking mechanism, at the point of payment. Where the NCNDA protects the relationship, the IMFPA protects the money.
Why they matter
Brokers add real value by sourcing counterparties and moving deals forward, but they are exposed: their entire compensation depends on not being bypassed. NCNDA/IMFPA agreements make broker participation safe, which in turn makes the market work. A principal who refuses to sign reasonable NCNDA/IMFPA terms is signalling how they intend to treat intermediaries.
How LinkPort works with brokers
We respect the intermediary role and sign NCNDA/IMFPA so introductions and fees are protected. Brokers are welcome to bring buyers or sellers to our trade desk, and everything runs through the same transparent procedures and compliance as any other deal.
Frequently asked questions
Is an NCNDA legally enforceable?
A well-drafted NCNDA can be enforceable, though practical enforcement across borders varies. Its main value is deterrence and clarity — and working with counterparties who honour it, like LinkPort.
How is a broker’s fee actually paid?
Under an IMFPA, the fee is committed in writing and typically paid through the transaction’s banking mechanism at settlement, per the agreed terms.