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An Agency Agreement is formed out of the legal relationship between the Principal and the Agent whereby the agent is authorized by the principal to act on his behalf under certain circumstances and is paid for the work. This means that the principal has the authority over the agent. An Agent Agreement is called an Agency Contract and it states the functions the Agent has to perform for the principal.
Procedure for Agency Agreement?
Benefits of Agency agreement?
- There are many benefits for the Principal, especially for the small- business owners. Agency Agreement is time saving and efficient and is also very effective as the professionals are appointed for a particular contract who help in conducting the business in an efficient way
Risks involved in Agency Agreement
- The Principal holds all the responsibility of the agent and thus can be held liable for the misconduct on the part of the Agent if he makes any mistake. The agreement should have limited liability for the Principal in order to avoid such problems.
Frequently Asked Questions
Act with diligence, Devoting reasonable time and effort to fulfill the duties described herein;
Maintain reasonable technical and practical knowledge with regard to the products;
Reasonably assist the Company with regard to any and all collection matters as requested by the Company, etc