Agency - The Agent
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This note looks at the duties owed by an agent to its principal. These are of
course subject to variation by agreement and, where they apply, The Commercial
Agents (Council Directive) Regulations 1993 (SI 1993/3053, as amended by SI
1993/3173 and SI 1998/2868) (the Regulations):
- To obey the lawful instructions of the principal.
- Not to delegate, sub-contract his authority.
- Only to act within the limits of his authority (actual or ostensible).
- Not to make a secret profit or accept bribes.
- Not to put himself into a situation where his interests will conflict with
those of his principal.
- To use reasonable diligence and care, and reasonable despatch.
- To disclose all material facts to the principal and to refrain from
divulging confidential information to third parties.
- To account to the principal for property and money of the principal which
is under his control.
- In situations where the Regulations do not apply, these duties (even the
fiduciary ones) can be contracted out of as between principal and agent where
both parties are businesses.
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Article Published/Sorted/Amended on Scopulus 2008-05-11 18:44:11 in Legal Articles