Business, Legal & Accounting Glossary
An individual or firm authorized to act on behalf of another (called the principal), such as by executing a transaction or selling and servicing an insurance policy. The agent does not assume any financial risk in the transaction, as a dealer would.
A person authorized to act for and under the direction of another person when dealing with third parties. The person who appoints an agent is called the principal. An agent can enter into binding agreements on the principal’s behalf and may even create liability for the principal if the agent causes harm while carrying out his or her duties.
A person appointed by another person, known as the principle, to act on his or her behalf. Company Directors are agents of the shareholders (the principal).
In business, an agent is a representative who acts on behalf of other persons or organisations.
One who is authorized to represent and act on behalf of another person or business (called the PRINCIPAL) in transactions involving a third party. Unlike an employee who merely works for the principal, an agent works in place of the principal.
Agents have three basic characteristics:
A commercial agent manages the business affairs of company.
An estate agent is a person who buys and sells buildings and land for others.
Our agent has informed us that you still owe us the sum of £5469.
In this instance, you can purchase it directly, rather than through an agent.
Our agent in Paris deals with all European sales.
Paul takes several phone calls from his agent
Which party will agent the deal?
A VAT-registered landlord may employ a managing agent to handle the collection of rent and to manage the maintenance of the property.
JC Watts acts as an agent for the sales department.
The agent put me on hold whilst she discussed the matter with her colleagues.
Progress should be carefully monitored, once a suitable agent has been found.
corporate agent
escrow agreement
placement agent
shareholder services agent
agency by ratification
implied authority
settlement agent
confirmed letter of credit (L/C)
sole agent
scope of authority
disbursing agent
shareholder services agent
designated agent
universal agent
co-agent
recognised agent
sole agent
gratuitous agent
captive agent
independent agent
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Definitions for Agent are sourced/syndicated and enhanced from:
This glossary post was last updated: 30th October, 2021 | 0 Views.