An authorized resale partner who becomes the originator of the private offer would be assessed the agency fee for the transaction. A channel partner, who receives a multiparty private offer from an authorized resale partner of the software company, would not be assessed any additional fee. See Resale enabled offers FAQs - Marketplace publisher | Microsoft Learn

As Darren shared at the end of the presentation, renewal transactions through Marketplace may be eligible for an Agency fee discount for renewals - Marketplace publisher | Microsoft Learn