Sole Agency Agreement

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Sole Agency Agreement

 

A Sole Agency Agreement Covers:-

Agency Agreement for a company appointing the agent as its sole or exclusive agent for the purchase of all goods.

A sole agency agreement is similar to an exclusive agency agreement. You give rights to one agent to sell the property but you may find a buyer yourself. If you find a buyer who has not been introduced by the agent, then no commission is payable to the agent.

Agency Agreement for a Sole Agent Includes terms covering:

  • Appointment of Agent
  • Term
  • Duties of agents
  • No purchase through company
  • Shipment of goods
  • Payment by company
  • Alternative payment clause
  • Repayment of expenses
  • Commission
  • Summary determinations
  • Obligation to be imposed on purchasers
  • Purchases by agents on own account
  • Terms not to be included in contracts negotiated by agents
  • Miscellaneous
  • Law applicable

 

 

 Free Sample of Sole Agency Agreement to view above.

 

The  difference between an exclusive agency and a sole agency is the entitlement of the selling agent to receive an agreed commission or other reward on the sale of the property. … Where the agency is a sole agency, the agent would not be entitled to the commission if the seller is the effective cause of the sale

 

agency agreement

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An agency relationship is where one party (the agent) has the authority to enter contracts with a third party (the customer) on behalf of the second party (the principal).

An Agency Agreement occurs when the agent transacts on behalf of the principal, and the actual sales contract is between the principal and the customer.  A supplier usually imposes few restrictions on agents and these normally relate to the agent’s powers to bind the supplier.

The agent is accountable for everything they do.  If they incur debt, they are the debts of the principal.  If they break the law, the vicarious responsibility is that of the principal.

Agency Agreements often concern agents or principals overseas.  Such Agency Agreements or contracts may include terms from Incoterms.  ‘Incoterms’ refers to the collection of essential international commercial and trade terms.  The terms were devised in recognition of non-uniform standard trade usages between various States.

 

Free Sample Sole Agency Agreement

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