Agency Agreement to appoint an Agent by the Principal to perform certain services on behalf of the Principal in consideration for an agency fee. This is drafted in favour of the Principal.
Agency Agreement is used to confer power upon the agent to act on the Principal's behalf.
The document includes the terms of the agency, the amount of agency fees, the date until which the Agency is valid, the jurisdiction which governs the agency. The Agency takes effect from the effective date and can be terminated by notice by one party.
This document should be carefully read by the Principal and Agent.
This letter of authority may be used to inform the authorised person of the authorisation terms.
The name of the agency, the term of agency and the amount of agency fee should be clearly stated in the agency agreement.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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