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.
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References in periodicals archive ?
In a video uploaded on Facebook, Garma said the lifting of the suspension on STL operations would cover 'authorized agent corporations (AACs) that were compliant with the conditions of their STL agency agreement, and [had] been remitting [their] guaranteed minimum monthly retail receipts (GMMRRs).'
'We are happy to announce that pursuant to the recommendation of the PCSO, the President lifted the suspension of operations of STL, all authorized agent corporations (AACs) that are compliant with the conditions of their STL agency agreement and has been remitting its guaranteed minimum monthly retail receipts provided the following conditions are met,' PCSO general manager Royina Garma said in a statement.