Agency agent’s duty to communicate day to day

Agency is about the relationship between the agent, principal and the third party. This relationship happens when a person acts on behalf of another person (Principal). Duties of an AgentThis duties and rights relationship is between the agent and the principal. No matter how the relationship stands up, it is basically one of trust (called a “fiduciary relationship).o Duty to follow every instruction given by the principalo Duty to act in persono Duty to carry out tasks with skill and careo Duty to have trust and faith in both the agent and principal o Duty to render accounts to the principal o The agent’s duty to communicate day to day with the principal o The agent must not deal with his or her own personal reasono The agent must not make hidden or secret profits from the principal o The agent’s duty to give whatever payment that was given to the principal o Duty not to disclose any confidential information he/ she had obtained from being an agento There must be no delegation RIGHTS OF THE AGENTS• The agent has the right to re-imbursement• The agent has the right to indemnity • The agent has the right to set-off• The agent has the right to Lien • Have the right to action for the approved commission or remuneration Duties and rights of the Principal to the Agents? Must pay remuneration to the agent? Must look at the compensation for the breach of the duty by the agent ? The principal has the right to remove payment of remuneration where the agent is guilty of misconduct in his tasks? The principal has the right to receive extra profit made by the agent? The principal’s duty to enforce various types of tasks and duties to the agent? Right to receive every allowances or payments made by the agent

x

Hi!
I'm Gerard!

Would you like to get a custom essay? How about receiving a customized one?

Check it out