Agency Agreement

An Agency Agreement is an agreement between the Agent (the person who acts on behalf of another person or group) and the Principal (the person or group for whom the Agent is acting upon).

This Agreement basically lists down all the details in regard to the rights and obligations of both the parties, the works which Agent is authorized to do or act on behalf of the Principal, the liability of both the parties in regard to the work done by the Agent and the remuneration that the agent will be paid along with other benefits.

When is an Agency Agreement needed?

An Agency Agreement is needed when a person or group authorizes another person or group to act on its behalf and work as its Agent and the parties wish to put down all details in regard to the same in writing and in the form of an agreement.

Why is an Agency Agreement needed?

  1. An Agency Agreement is needed so that both the parties are clear with their set of rights and obligations.
  2. The interests of both the parties are protected.

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