Manufacturers and suppliers of products often use agents acting on their behalf to promote sales, both in the manufacturer`s home country and abroad. As a general rule, a formal agreement is signed to determine the commission collected by the agent, the territory, the duration and other conditions under which the client and the agent jointly conduct business. Many states apply the rule of the same dignity, according to which the agency agreement must be written if the subsequent agreement was necessarily written, as. For example, a contract to purchase goods worth thousands of dollars. An agency contract is a legal contract that creates a trust relationship, with the first party (“the donor”) agreeing that the actions of a second party (“the agent”) bind the client to subsequent agreements of the agent, as if the client had himself entered into the subsequent agreements. The agent`s power to retain the client is generally referred to as an authority in law. The agency created through an agreement may be a form of tacit authority, z.B. If a person gives his credit card to a close relative, the cardholder may be required to pay for purchases made by the parent with his credit card. An example of the existence of an agency agreement, which was the subject of legal proceedings dating back to 2006, came when a sponsor of a tennis tournament sued Venus and Serena Williams who had not participated. The sponsor claimed that his father, Richard Williams, had committed to participate in the tournament. The Williams sisters argued that their father did not have the authority to match them to such an agreement. If his father forced the sisters to play, the court had to decide whether there was a valid agency agreement between the Williams sisters and their father. If not, they were probably not bound by its agreement in accordance with Agency law.
[must update] A representative should be distinguished from a merchant – in commercial language, a trader buys shares from the supplier or customer, then resells them to his customers for a bonus, while an agent finds customers for the customer, who then sells directly to customers and pays commissions to the agent. A useful tool to find your partner and create a consortium that connects AI innovators with owners of sustainable development issues The AI for Good Global Summit is the United Nations` leading platform for a comprehensive and inclusive dialogue on AI.