Contract law. Agency agreement (most important)

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Contract law. Agency agreement (most important)

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60. AGENCY AGREEMENT

В agency agreement one party (agent) undertakes, for remuneration, to perform, on behalf of and at the expense of the other party (principal), legal and other (actual) actions either on its own behalf or on behalf of the principal.

The agency agreement is:

1) consensual;

2) mutual;

3) compensated - for the commission of legal and other (actual) actions, the agent receives a reward.

An agency agreement can be used both in business transactions and in other civil law relations.

The subject of the agency agreement is the provision of intermediary services in the commission of any lawful actions.

Parties to the agreement:

1) agent;

2) principal.

Any subjects of civil law with legal capacity can act as parties. The law does not contain a strict binding of an agent to the status of an entrepreneur, although the activity of an agent in most cases is associated with the implementation of entrepreneurial activities.

special requirements for form the conclusion of an agency agreement is not provided for by law. It is enough to have an agency agreement in a simple written form.

The agency agreement, at the discretion of the parties, may be concluded both for a fixed period and without specifying a period. Differences between an agency agreement and commission and assignment agreements:

1) the subject of the agency agreement is the commission by the agent of not only legal (as in commission and commission agreements), but also actual actions;

2) an agency agreement always has a continuing nature, since the agent undertakes to perform, and not to perform for the principal, any actions, and, therefore, cannot be concluded for the agent to perform any one specific transaction.

Rights and obligations of an agent:

1) is obliged to perform transactions and other legal and actual actions in the interests and at the expense of the principal;

2) is obliged to fulfill any instructions in accordance with and with the terms of the contract and instructions of the principal;

3) is obliged to provide financial reports on the progress of execution of the order;

4) have the right to demand remuneration for the actions performed, as well as reimbursement of expenses related to the implementation of the instructions of the principal;

5) has the right to involve third parties in the execution of instructions by concluding a subagency agreement.

Rights and obligations of the principal:

1) is obliged to give the agent the appropriate powers and provide him with the means necessary to fulfill the instructions given to him, because the agent always performs both legal and actual actions at the expense of the principal;

2) is obliged to pay the agent remuneration for the actions performed in his interests.

Author: Rezepova V.E.

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