Agency By Appointment is a legal term that refers to a situation where an individual or entity is appointed as an agent to act on behalf of another party. This appointment is typically made through a formal agreement or contract, and the agent is authorized to make decisions and take actions on behalf of the principal within the scope of the appointment. The agent is obligated to act in the best interest of the principal and follow any instructions or guidelines provided.
Agency by appointment refers to the legal relationship that is created when one person (the principal) gives another person (the agent) the authority to act on their behalf in business or legal matters. This authority can be given through a written or oral agreement, or it can be implied based on the actions and conduct of the parties involved.
The agent is obligated to act in the best interests of the principal and to follow their instructions, while the principal is responsible for the actions of the agent within the scope of their authority. This relationship creates a fiduciary duty, meaning the agent must act with the utmost good faith and loyalty to the principal.
Agency by appointment can be terminated by the mutual agreement of the parties, by the expiration of a specified time period, by the completion of the specified task, or by the death or incapacity of either party. It is important for both parties to clearly understand the terms of the agency relationship and to document their agreement in writing to avoid any misunderstandings or disputes.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 29th March 2024.
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