Understanding agency relationships and limits on the authority of an agent is important when having an agent act on your behalf. He is an important mercantile agent who facilitates the distribution of goods at international level. May a licensed individual insurance agent, who has been properly appointed by an insurer, act as a sub-producer for a corporate insurance agent of the same insurer, and receive commissions from the corporate insurance agent? Important Kinds of An Agent :- 1. Generally speaking, an agent in a certain profession, trade or calling who performs his duty with the degree of care and skill expected of a reasonable, average member of the relevant profession, trade or calling meets the requisite standard. To act in the best interests of the principal a.
The work that remains is performed by subcontractors, who are under contract to the contractor, who is usually designated the general or prime contractor. Subcontractors must receive formal approval to make the change and have a cost attached to the change before doing the work. An agent has certain rights, duties and liabilities towards the principal and third parties depending upon the nature of business. Example: A appointed B, as his agent in order to collect the loan lent to C and D. Such an act by the agent will amount to making secret profit.
The agent was unable to sell the ship. The general contractor is under an obligation to pay the subcontractors any sums due them unless the contract states otherwise. For example, an estate agent may disclose to the appointed solicitors of the purchaser the estate agent's principal such information relating to the purchase as will enable the solicitors to handle the transaction on behalf of the purchaser. Co-Agents: This happens when a principal appoints two or more person as agents jointly. Right of Remuneration :- It is basic right of an agent that he should receive the remuneration of his services. Apparent Authority is where the principal has not given the agent actual authority, express or implied, to act on its behalf.
For example… a property dealer appointed as an agent for a sale of a property is authorize his rights in regards to that property only and that too till its sale or revocation of agency by the principal. Universal Agents: Universal agent is practically a general agent with very extensive rights. The agency in such cases lasts for a specific period of for a particular type of job or work. As foreign trade procedures are more complex that the procedures of home trade, the service of forwarding agents hence helps the producers and exporters to a great extent. An agency that is lawful may become unlawful due to declaration of war when the principal or agent is deemed an alien enemy. The A had represented that the terms of payment would be the same as earlier dealings. He should seek instructions from his principal.
Held: The P not bound to such contract. An agent's duty to account to his principal secret profits he has made in the course of the agency continues even after the agency relationship terminates. Every sub-licensee, acting as insurance agent pursuant to such a license shall be authorized so to act only in the name of the licensee. He also made advances to the P for the security of the goods. He should obtain proper instructions from the principals, before taking any steps in facing the difficulty.
In actuality, you'll be delivering the same loyalty, reasonable care, disclosure, and accounting stuff anyway. Payment of All Sum :- It is the duty of an agent to pay his principal all the sums received on his account. Termination of Sub-agency and Substituted Agency The authority of sub-agent will be terminated as and when the main agency is terminated. Hence, the agent is obliged to return to his principal all documents and property originally given to the agent by the principal and documents prepared by the agent on the instruction and at the expense of the principal. Here the agency is terminated. Subcontractor One who takes a portion of a contract from the principal contractor or from another subcontractor. If he conducts the business dishonestly then he is not entitled to receive the reward of his services.
Also, as provided by Insurance Law § 2103 c , only directors or officers of the corporate insurance agent may be designated as sub-licensees. A Salesperson is described in Section 3 and Section 31 of the Real Estate Service Act of the Philippines Republic Act 9646. Subcontractors sign contracts with the general contractor that typically incorporate the agreement between the general contractor and the owner. To this general rule there are some exceptions for example, where by the general usage of trade or the agreement of the parties, sub-agents are ordinarily or necessarily employed, to accomplish the ends of the agency, there, if the agency is avowed, and the credit is exclusively given to the principal, the intermediate agent may be entirely exempted from all liability to the sub-agent. Exceptions for court orders exist. He has wide authority and discretionary powers to sell goods upon such terms and conditions as he thinks proper. While performing the he should keep in view the directions of the principal or prevailing customs in business.
Termination of Agency by Operation of Law An agency can be terminated by operation of law in any of the following cases: 1. For example, a Seattle business is in negotiations with a third party, T, and tells T to talk to agent A about finalizing the sale of a piece of business equipment. Commission Agents: A commission agent is generally, appointed for selling or buying goods on behalf of his principal. The first offer was accepted by the P with a condition. He in broader terms relieves his principal from the burden of his work. The D agent was the managing director.