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Agency Agreement |
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Agency Agreement An agreement between persons and/or organizations whereby one, called the agent, acts on behalf of the other, called the principal. The agency agreement states the functions the agent will perform for the principal, under what circumstances, and for what compensation. Agents have a fiduciary responsibility to act in the best interests of the principal. Common examples of agents include brokers and attorneys. An agency agreement is also called an agency contract. See also: Agency theory, Agency problem, Agency costs. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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