Duties of the principal - agency law, Business Law and Ethics

Duties of the Principal - Agency Law

However the duties of the principal for the agent are like:

Remuneration

Whether to pay the agreed commission where it becomes due so strictly in accordance with the terms of the contract about agency.  Like an agent in possession of the principal's goods possibly will retain the goods than security for payment concerns outstanding commission.  Though out this is called a lien or say general or particular although it does not confer power of sale about the goods in question.

Indemnity

Whether to indemnify the agent through refunding to him any out about pocket expenses personally incurred in such the bona fide execution of his mandate. like e.g. Great Northern Railway v. Swafield.

Posted Date: 1/22/2013 5:28:14 AM | Location : United States







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