Skip to main content

Types of Agents in contract of agency

 Types of Agents in contract of agency

General agent

The general agent has the authority to carry out a wide range of transactions in the name and on behalf of the principle, and this authority is delegated to him by the principal. The overall agent is also the business's manager, or he or she might have a variety of limited but identical present roles, such as that of an agent or an insurance agent who is authorised to check in customers for the home office. However, in either situation, the overall agent has authority to modify the principal's legal relationships with third parties. a general agent with the capacity to operate in any manner required by the principal's business is recruited from among the several United Nations agencies In order to limit the overall agent's power, the principal should clearly out the limits; nevertheless, the principle is also responsible for any activities performed by the agent that are outside of his or her scope of competence.

Co-Agent

a person who has been appointed by the agent with the express or implicit authority of the principal is referred to as a co-agent. In accordance with Section 194 of the Indian Contract Act, the appointment of a co-agent is permitted. It is under the authority of the principle and acts as an agent on behalf of the principal. Between the principal and the substituted agent, there is a private contract in place. It is in charge of the principal's affairs. The Agent is not liable for the conduct of the co-agent unless they are intentional.

Broker

Sales representatives are individuals or companies who are hired by others to plan and coordinate sales or negotiate contracts in exchange for a commission.

A broker's role is to facilitate the arrangement of contracts for property in which he or she has no personal stake, possession, or responsibility. An middleman or negotiator in the contracting of any form of transaction, the broker acts as an agent for parties who seek to purchase or sell stocks, bonds or other types of securities, real or personal property, agricultural commodities, or financial services. The rules governing agency are typically applicable to the vast majority of transactions involving brokers. The customer is referred to as the principle, while the broker is referred to as the client's representative. The abilities of an agent are often greater than those of a broker. A key distinction between an agent and a broker is that a broker serves as a middleman between the two parties. An agent for both parties is appointed when a broker arranges a purchase or transaction.

Del Credre is an acronym that stands for "Del Credre is an acronym that stands for

When a buyer fails to pay his or her debts on time, a del credere agency assures the buyer's creditworthiness and takes the risk posed to the seller. Del credere literally translates as "believe" in Italian. A del credere agency is a type of principal-agent relationship in which the agent acts not only as a salesperson or broker for the principal, but also as a guarantor of credit extended to the buyer. A del credere agent is only liable to pay the principal if the buyer defaults on payment, and is not liable for any other issues that may arise between the buyer and seller during the transaction.


Agent of Commissions (Agent of Commissions (Agent of Commissions))

foreign agent that receives a commission on the sales that they create on behalf of their clients It is the Agent's responsibility to make items available to potential customers in a certain region, which is often a nation, precisely in compliance with the selling terms specified by the Principal. There is no employment connection between the Agent and the Principal, and their relationship is only one of business transactional nature. In this regard, upon the conclusion of this agreement, the Agent shall be ineligible for any kind of remuneration. Relations between the commercial agent and his clients in international commerce are controlled by international trade law.

Factor

Those engaged by others to sell or acquire products, who are entrusted with ownership of those commodities, and who are rewarded by a commission or a fixed wage are known as salespeople. A factor is a sort of agent who sells products that are owned by another person, known as a principle, on their behalf. The factor participates in the sale of items on a more regular basis than the purchasing of merchandise. A factor differs from a simple agent in that a factor is required to have custody of the principal's property, whereas an agent is not required to do so. A contract establishes the connection between the factor and the principal. Both parties are expected to follow the provisions of the agreement to the letter and spirit of the law. The contract can be terminated by either the factor or the principal, or it can be terminated by operation of law.


Comments

Popular posts from this blog

INCOME TAX SECTION 32AD - Investment in new plant or machinery in notified backward areas in certain States

 Description (1) Where an assessee, sets up an undertaking or enterprise for manufacture or production of any article or thing, on or after the 1st day of April, 2015 in any backward area notified by the Central Government in this behalf, in the State of Andhra Pradesh or in the State of Bihar or in the State of Telangana or in the State of West Bengal, and acquires and installs any new asset for the purposes of the said undertaking or enterprise during the period beginning on the 1st day of April, 2015 and ending before the 1st day of April, 2020 in the said backward area, then, there shall be allowed a deduction of a sum equal to fifteen per cent of the actual cost of such new asset for the assessment year relevant to the previous year in which such new asset is installed. (2) If any new asset acquired and installed by the assessee is sold or otherwise transferred, except in connection with the amalgamation or demerger or re-organisation of business referred to in clause (xiii)or cla

60 Minute Marriage Counselling Session On Phone

Description A 60 minute phone call with an expert Marriage\Relationship Counselor to discuss your marriage\relationship related issues. Counselling aims to resolve issues and improve communication in a relationship. Couples’ counselling works with both people in the relationship, however sessions can start with one individual, working towards the involvement of the other partner. What's Included a) 60 minute phone call with the counselor where you can discuss all your issues and seek guidance. What's Not Included a) Counselling session via meeting

Send Legal Notice for Divorce

 India being a secular country derives a large part of its laws from various religious practices. One such area of law is Divorce law of India. A divorce case in India can be initiated by either party based on the procedure relevant as per the law applicable to the parties. However, the procedure for divorce always starts with sending a legal notice.   Either party can send a legal notice to the other spouse intimating his/her intent to initiate legal proceedings for divorce. Sending a legal notice acts as a formal way of communication by one party to the other acting as a warning and at the same time creating chances for a last attempt for conciliation, if possible. Connect with an expert lawyer for your legal issue   What is a legal notice for divorce? A legal notice refers to a formal communication to a person or the opposite party in a case, informing him/her about one’s intention to undertake legal proceedings against him/her. Therefore, a legal notice for divorce is a formal inti