Contract law. Commission agreement (most important)

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Contract law. Commission agreement (most important)

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59. COMMISSION AGREEMENT

On commission agreement one party (commission agent) undertakes, on behalf of the other party (principal), for a fee, to make one or more transactions on its own behalf, but at the expense of the principal.

The commission agreement is:

1) consensual;

2) mutual;

3) compensated - for the transaction, the commission agent receives remuneration.

The subject of the commission agreement is the provision of intermediary services in the field of trade.

Parties to the commission agreement:

1) committent - an individual or legal entity in whose interests transactions are made for the acquisition or sale of property belonging to them;

2) commission agent - a natural or legal person who makes the relevant transactions in the interests of the committent. In the vast majority of cases, the commission agent carries out entrepreneurial activities.

Price in the contract, the commission depends on the price of the transaction. The amount of the commission, which is usually determined as a percentage of the transaction price, does not affect the price of the commission agreement.

Contract term - the period of time during which the commission agent performs all obligations under the commission agreement. The contract can be concluded both for a period and without its indication.

Rights and obligations of the commission agent:

1) is obligated to complete a transaction or sales transactions for the principal in strict accordance with the instructions given to him and on the most favorable terms for the principal;

2) having executed the order, he is obliged to submit a report to the committent and transfer to him everything received under the commission agreement;

3) if a third party fails to perform the concluded transaction, he is obliged to inform the committent about this, collect the necessary evidence, and also, at the request of the committent, transfer the rights under such a transaction to him;

4) have the right to demand remuneration under a commission agreement;

5) has the right to involve third parties in the execution of the contract, including by concluding a subcommission contract;

6) have the right to withhold the property of the committent in his possession, if the latter has not made any payments due to the missionary.

Rights and obligations of the consignor:

1) is obliged to accept from the commission agent everything performed under the commission agreement and inspect the property acquired for him by the commission agent;

2) is obliged to pay a commission fee to the commission agent and reimburse the expenses incurred by him for the execution of the commission order;

3) have the right to terminate the commission agreement at any time by canceling the order and indemnifying the commission agent for losses caused by the termination of the agreement;

4) have the right not to accept property from the commission agent, acquired for the principal at a price higher than agreed in the contract.

Author: Rezepova V.E.

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