An agency agreement is a legal contract between two parties, where one party (the agent) is authorized to act on behalf of the other party (the principal) to perform certain tasks or make certain decisions. This type of agreement is commonly used in business and can be beneficial for both parties involved.
Here are some common situations where an agency agreement may be used:
Overall, an agency agreement can provide clarity and protection for both parties involved in a business relationship. It establishes the scope of the agent's authority, the obligations of both parties, and the compensation and duration of the relationship. It can also help to prevent misunderstandings and disputes by setting clear expectations from the outset.
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