duties of agent and principal definition

duties of agent and principal

Agent's duties include: to (1) act on behalf of and be subject to the control of the principal, (2) act within the scope of authority or power delegated by the principal, (3) discharge his or her duties with appropriate care and diligence, (4) avoid conflict between his or her personal interests and those of the principal, and (5) promptly hand over to the principal all monies collected on principal's behalf. Principal's duties include: to (1) compensate the agent as agreed, and (2) indemnify the agent against claims, liabilities and expenses incurred in discharging duties assigned by the principal. See also master servant rule.

duties of agent and principal is in the Agreements & Contracts and Corporate, Commercial, & General Law subjects.

duties of agent and principal appears in the definition of the following term: master servant rule

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