Institorial power refers to the authority granted by a business owner to another individual to act on their behalf. Power, in this context, denotes the capacity to control or sway others, or the lawful entitlement to modify legal associations. Various forms of power exist, including discretionary power, implied power, and spending power. Power can also pertain to physical strength or influence within a community.
Institorial power is when a business owner gives authority to an agent to act on their behalf, typically in the context of civil law. For example, a business owner may grant institorial power to an employee to make purchases for the business. This allows the employee to make purchasing decisions without direct involvement from the owner. Essentially, institorial power allows the owner to delegate tasks to an agent and trust that they will act in the best interest of the business, streamlining decision-making processes.
Institorial power refers to the legal authority granted to a ship’s captain or master to enter into contracts on behalf of the shipowner or charterer.
Using institorial power, the ship’s captain can enter into contracts for the purchase of supplies, repairs, and services necessary for the operation of the ship.
No, institorial power is limited to contracts necessary for the ship’s operation and cannot be used for personal or unrelated business transactions.
In certain circumstances, the ship’s captain may delegate institorial power to another person, such as a ship’s officer, but this delegation must be authorized by the shipowner or charterer.
If the ship’s captain exceeds the scope of institorial power, the shipowner or charterer may not be bound by the contract, and the captain may be personally liable for any resulting obligations or liabilities.
Yes, institorial power can be revoked by the shipowner or charterer at any time, either explicitly or implicitly through the appointment of a new captain or master.
Yes, the exercise of institorial power must be in accordance with the laws and regulations of the jurisdiction in which the ship is registered or operating.
Yes, institorial power allows the ship’s captain to enter into contracts with third parties, such as suppliers, repair facilities, and service providers.
No, institorial power does not extend to contracts with crew members. Employment contracts with crew members are typically governed by separate laws and regulations.
No, institorial power does not include the authority to sell or purchase the ship. Such transactions require separate legal processes and documentation.
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: 17th April 2024.
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