Agent Agreement Definition
Agency contracts are often used in situations where one party must act on behalf of the other. This may include situations such as: a tacit agency or agency contract arises from the behavior, situation or relationship of the parties. There are three types of financial or commercial risks essential to the definition of a commercial agent contract for the purposes of Article 101(1). First, there are contract-specific risks that are directly related to contracts concluded and/or negotiated by the agent on behalf of the contracting entity, such as. Β the financing of stocks. Second, there are the risks associated with market-specific investments. It appears that it is necessary to invest specifically in the nature of the activity for which the agent has been appointed by the contracting authority, that is to say: necessary to enable the agent to conclude and/or negotiate this type of contract. These investments are usually sunk, which means that the investment cannot be used or sold for other activities after leaving that particular sector, except with a significant loss. Third, there are risks associated with other activities carried out on the same product market, in so far as the contracting entity requires the agent to carry out such activities, not as an agent on behalf of the contracting entity, but at his own risk. An agreement shall be concluded between the contracting authority and the authorised representative. An agency contract is a document used to establish an agent-agent relationship.
Here, one party (the principal) allows another party (the agent) to make legal decisions and act on its behalf. Agency contracts usually contain general instructions regarding the project to be concluded or the relationship in general.
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