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.
References in periodicals archive ?
EMPLOYERS are being accused of undercutting wages by keeping people on agency contracts for years.
BOSSES use a loophole to keep staff on agency contracts for years to hold down wages, the TUC said today.
1m are on temporary contracts and 800,000 are on zero-hours or agency contracts, it was found.
He also announced the hiring of Ron Pigott, who headed procurement at the Texas comptroller's office, and Matthew Chaplin, who was in charge of contract compliance at the Texas General Land Office, to strengthen oversight of health agency contracts.
For years the writing has been on the wall and while our politicians have played football with the NHS, nurses and others in the care vocations have been ignored, thousands of nurses have been forced out of the NHS and then reemployed hrough agency contracts.
Therefore, under both Articles 8 and 9, a foreign company would be liable to pay indemnity to the local agent upon the termination or expiry of contracts if the contracts are determined to be commercial agency contracts under Article 2 of the Commercial Agency Law.
Choosing to bring in recruitment freezes or terminating temporary agency contracts can save troubled businesses pounds 10,000 more per employee than making redundancies, according to new research.
The UK Post Office Ltd, a subsidiary of the state-owned Royal Mail, operates 14,000 local post offices, mainly through sub-postmaster agency contracts.
SEIU Local 1 President Sharleen Stewart said: "The managed competition model in the home care industry has eroded the quality and continuity of care, since home care agency contracts are flipped every three to five years.
If a government agency contracts with a university to conduct research for the military, the contract will require secrecy from certain countries' nationals.
Some of these agents just walk away from the carriers and become independent agents, while others negotiate independent agency contracts with their direct writers, he said.
The Defense Audit Contract Agency, a division of the Pentagon charged with monitoring 99 percent of all agency contracts, has lost 1,200 of its 7,100 auditors since 1989, and the Bush administration would have cut more had Congress not intervened.