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The document is an Agent Agreement between Preferred Voice, Inc. (PVI) and iChargeit.com, outlining the terms under which iChargeit.com will market and sell PVI's voice recognition services on the Internet. It details the roles, responsibilities, commission structure, proprietary information protection, and conditions for termination of the agreement. The agreement emphasizes that the agent does not have exclusive rights and must adhere to specific marketing guidelines while maintaining confidentiality regarding proprietary information.

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What is the meaning of agency contract?

Meaning. When a person employs another person to do any act for himself or to represent him in dealing with third persons, it is called a Contract of Agency. The person who is so represented is called the principal and the representative so employed is called the agent (Sec.

What is an agent contract?

An agency agreement is a legal contract creating a fiduciary relationship whereby the first party (the principal) agrees that the actions of a second party (the agent) binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.

What are the duties of agent in contract?

Duties of Agent Section 211 of the Indian Contract Act, 1872 bounds an agent to conduct the business of his principal ing to the principals directions or in the principals absence, ing to the custom of trade.

What is the significance of agency agreement?

An Agency Agreement helps define the scope of the agents authority and limits the principals liability if the agent exceeds their authority or acts in a way that was not approved[5].

What is the meaning of agent contract?

An agency contract is a legally binding agreement that establishes a relationship between two parties, the principal and the agent, depending on specific rules. In this contractual arrangement, the principal grants authority to the agent to act on their behalf in specific matters or transactions.

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What is an agent agreement?

An agency agreement details the terms of the agency, such as what the agent can do and the amount of money paid for the agents work. The contract also gives the agent the authority the principal determines, such as the exclusive right to act on her behalf.

What is an example of agency by agreement?

An example of a formal agency agreement is a power of attorney, and the A in this case is called an attorney-in-fact. This relationship has two essential components: (1) the A has either express or implied authority to act for the P, (2) the P controls the acts of the A.

What is the full meaning of agent?

a person who acts on behalf of another person, group, business, government, etc; representative. a person or thing that acts or has the power to act. a phenomenon, substance, or organism that exerts some force or effect. a chemical agent. the means by which something occurs or is achieved; instrument.

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