Payment of commission -- Payment on termination -- Settlement.
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(1) The principal shall pay a sales representative all commissions due to the sales representative during the time the business relationship between the principal and sales representative is in effect in accordance with the writing required by Section 34-44-201.
(2) If a business relationship between a principal and sales representative terminates, the principal shall pay to the sales representative:
(a) within 30 days after the day on which the termination is effective, all commissions due on the day on which the termination is effective; and
(b) within 14 days after the day on which a commission becomes due if the commission is due after the day on which the termination is effective.
(3)
(a) Unless payment is made pursuant to a binding and final written settlement agreement and release, the acceptance by a sales representative of a partial commission paid by the principal under the business relationship does not constitute a release as to the balance of any commission that the sales representative claims is due because of the business relationship.
(b) A full release of all commission claims required by a principal as a condition to a partial commission payment is void.