agent

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Agent

A party appointed to act on behalf of a principal entity or person. In context of project financing, refers to the bank in charge of administering the project financing.

Agent

A person who acts on behalf of an organization or another person. Agents have a fiduciary responsibility to act in the best interests of the principal. Common examples of agents include brokers and attorneys. See also: Agency theory, Agency problem, Agency costs.

agent

An individual or organization that acts on behalf of and is subject to the control of another party. For example, in executing an order to buy or sell a security, a broker is acting as a customer's agent.

Agent.

An agent is a person who acts on behalf of another person or institution in a transaction. For example, when you direct your stockbroker to buy or sell shares in your account, he or she is acting as your agent in the trade.

Agents work for either a set fee or a commission based on the size of the transaction and the type of product, or sometimes a combination of fee and commission.

Depending on the work a particular agent does, he or she may need to be certified, licensed, or registered by industry bodies or government regulators. For instance, insurance agents must be licensed in the state where they do business, and stockbrokers must pass licensing exams and be registered with NASD.

In a real estate transaction, a real estate agent represents the seller. That person may also be called a real estate broker or a Realtor if he or she is a member of the National Association of Realtors. A buyer may be represented by a buyer's agent.

agent

a person or company employed by another person or company (called the PRINCIPAL) for the purpose of arranging CONTRACTS between the principal and third parties. An agent generally has authority to act within broad limits in conducting business on behalf of his or her principal and has a basic duty to carry out the tasks involved with due skill and diligence.

An agent or broker acts as an intermediary in bringing together buyers and sellers of a good or service, receiving a flat or sliding scale commission or fee related to the nature and comprehensiveness of the work undertaken and/or value of the transaction involved. Agents and agencies are encountered in one way or another in most economic activities and play an important role in the smooth functioning of the market mechanism. A stockbroker, for example, acts on behalf of clients wishing to buy and sell financial securities; an estate agent acts as an intermediary between buyers and sellers of houses, offices, etc.; while an insurance broker negotiates insurance cover on behalf of clients with an insurance company. A recruitment agency performs the services of advertising for, interviewing and selecting employees on behalf of a company. In addition to the role of agents as market intermediaries, organizational theorists have paid particular attention to the internal relationship between the employees (‘agents’) and owners (‘principals’) of a company See PRINCIPAL-AGENT THEORY.

agent

a person or company employed by another person or company (called the principal) for the purpose of arranging CONTRACTS between the principal and third parties. An agent thus acts as an intermediary in bringing together buyers and sellers of a good or service, receiving a flat or sliding-scale commission, brokerage or fee related to the nature and comprehensiveness of the work undertaken and/or value of the transaction involved. Agents and agencies are encountered in one way or another in most economic activities and play an important role in the smooth functioning of the market mechanism. See PRINCIPAL-AGENT THEORY for discussion of ownership and control issues as they affect the running of companies. See ESTATE AGENT, INSURANCE BROKER, STOCKBROKER, DIVORCE OF OWNERSHIP FROM CONTROL.

agent

One who acts on behalf of a principal in an agency relationship. See agency for an extended discussion.

References in periodicals archive ?
Torkham Custom Clearing Agents Association chairman Mirajuddin said on the occasion that WeBOC system was introduced only at the Torkham border which was a discrimination against the local traders and exporters.
According to a letter issued here on Sunday, Collector Muhammad Zahid said that some importers and clearing agents threatened officers and sometimes tried to impilicate them in criminal cases to demoralise officers.
He said the importers in connivance with the said Clearing Agent forwarded fake samples along with fake letters of Assistant Controller Customs to different labs to get favourable test reports.
According to AFS, banks have periodically done incremental analysis to determine how they should clear checks and made adjustments to such things as transportation, clearing agent selection and sort patterns.
Eurex Clearing, Europes leading clearinghouse and part of Deutsche Brse Group, today announced its plan to launch a new membership type that allows buy-side participants to have a direct contractual relationship with the clearinghouse facilitated by a clearing agent.
Its seamless and secure network made it the obvious choice for VinExpo, which has appointed Lionstone as clearing agent for the June event in Chicago this year.
Tenders are invited for Engagement Of Freight Forwarder And Clearing Agent.
They reportedly stole the visa application from a pile of applications handed over to the GDNPR by a Bahraini clearing agent.
The Bank of New York, a leading provider of integrated solutions for the securities industry, announced today that it has been appointed government securities clearing agent by Maxcor Financial Inc.
The Department further alleged that the importer, in association with his clearing agent, committed offence attracting provisions of Section 16 and 32(1) of the Customs Act, 1969 (the Act) and Section 3(1) of Import and Export (Control) Act, 1950 punishable under clauses 9 and 14 of Section 156(1) of the Act and Section 33 of the Import and Export (Control) Act, 1950.
The pair, who denied the charges, reportedly stole the visa application from a pile of applications handed over to the General Directorate of Nationality, Passports and Residence (GDNPR) by a clearing agent.
The Bank of New York, a premier global solutions provider to the securities industry, announced today that it has been appointed Federal Reserve clearing agent by Linsco/Private Ledger and Sterne, Agee & Leach, Inc.