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An agency agreement is a contract where you (the principal) appoint an agent to carry out certain tasks on your behalf. The contract will bind the agent’s actions to the principal entity, essentially making it as if the agent’s actions were originally done by you. You can think of it as appointing a right-hand man for certain specific tasks.
This is different from a power of attorney form (also used to appoint personal “agents”), and it is often used in business or professional settings. To get a good grasp on such a contract, peruse this collection of free sample documents to download and print out. If you’re looking to create the contract yourself, you can use them as an Agreement Template with the required legal details already included.
Keep in mind that an agent or agency agreement is like a partnership contract or an independent contractor agreement. It is legally binding within the stated terms and conditions. As such, take care that your agent is regulated by the same key details of any agreement contract:
This is different from a sales agreement template, where you only agree that the other party has a right to acquire something you are selling under certain terms.
It is also different from a Commission Agreement Template, where the other party is not an agent but an independent contractor hired to complete some work task. However, the commission agent agreement template, which allows an agent to hire a commission on your behalf.
You can often see an agency agreement used in real estate brokerages. This realty agency agreement allows a real estate agent or broker to represent a buyer when purchasing a home or other property.
Similarly, when you have hired the continued services of an agent from some firm, you will have a similar agreement. Since the agent agreement is basically a fiduciary agreement (i.e., it is based on confidence or trust), it is also often used when you are allowing someone you trust to hold and use a credit card under your name.
You will have a better idea of how each agreement is carried out by downloading and studying the samples. These cover the basic situations where an agent agreement will be appropriate.
These documents can be downloaded and printed for free as either PDF files for reference or as Word documents doubling as fully editable templates to base your own contract on. Ideally, you will need to have an attorney to check the details to make sure your case is properly presented. They might even be able to tell you whether your situation calls for a Partnership Agreement Template instead of an agent agreement template.
With the help of the templates that are available in this article and also, online, you can make the best agent agreement you made. Save a lot of time and effort as you do not have to make them from scratch. Pick the template you like best and add all the details that need to be added. Download the template in the format you like best. Try them out now!
An agency agreement is a contract that builds a bond where the first party(principal party) accepts that the actions of the second party(the agent) bind them with an agreement made by the agent. It is where one party allows the other to take legal decisions and act on their behalf.
The purpose of an agency agreement is to set the terms and conditions of the relationship between two parties. In this kind of an agreement, the principal party wants to trade products/services and the intermediary who agrees to sell them on the behalf of the principal party is the agent.
The agency agreement between the agent and the principal party must always be in writing. It must have all the terms and conditions with easily understandable language, limiting the principal’s liability if the agent does something that he/she wasn’t supposed to do. It protects both parties personally and professionally.
Agency Agreements are used in the following circumstances: Outsourcing vendors Working with realtors Hiring an accountant Using marketing services Employing investment brokers Different business employees making decisions for their employers.
An agent has many duties to follow when in an agreement with another party. He/she needs to act on behalf of and be subject to the control of the principal party. The agent must follow duties with proper care and diligence. He/she must avoid conflicts, which means not mixing personal and professional life.
An agency agreement must include the following: Expectations of the agency Specific services of the agent The location where the agreement has been agreed upon Payment terms Process of resolving disputes All legal laws, terms, and conditions Duration of the agreement.