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When a person employs another person to do any act for himself or to represent him in dealing with third persons, it is called a ‘Contract of Agency’. The person who is so represented is called the ‘principal’ and the representative so employed is called the ‘agent (Sec. 182).
In an agency, there exists two contracts i.e. The first contract created between the principal and the agent from which the agent is delegated the authority to act for and on behalf of the principal, and. The second contract is the one made between the principal and the third party through the work of the agent.
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AGENCY AGREEMENT PARTIES - This Agency Agreement (hereinafter referred to as the “Agreement”) is entered into on _____ (the “Effective Date”), by and between _____, with an address of _____, (hereinafter referred to as the “Principal”) and
Download a free agency agreement template (Word and PDF) for hiring a professional to represent you. Learn the key elements of an agency agreement and how to customize it for your needs.
- By default, you need to select an end date for your agency agreement. However, technically speaking, there is no maximum length of time as the agen...
- Like any contract, an agency agreement may be terminated in the following circumstances: - A principal or agent breaches the conditions of the agre...
- Agency agreements can be formed verbally, written, or other types of communication. However, a signed agreement is legally binding and adds further...
- An exclusive agency agreement implies that either: 1. A principal has exclusivity to an agent’s services, meaning that the agent can not perform si...
- Yes, absolutely! We recognize that agreements may need to be modified depending on the needs of your client and industry. That’s why our template i...
Oct 18, 2023 · Contract of Agency. « » 18-Oct-2023. Tags: Allahabad High Court. Indian Contract Act, 1872 (ICA) Supreme Court. Introduction. The contract of the agency is a legal relationship, where one person appoints another to perform the transactions on his behalf.
A Specimen of an Agency Contract. The following specimen may serve as a model for drafting agency contracts, which may be adopted according to the requirements of each case.
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An Agency Agreement is a legal contract between two parties: the principal and the agent. The principal authorizes the agent to perform services or activities on their behalf, essentially giving the agent the legal power to act on their part within the defined scope.
