Agency Agreement Template

Agency Agreement Template

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What Is an Agency Agreement?

An Agency Agreement is a legal document that establishes the relationship between a principal and an agent, to give the latter authorization to act on the principal's behalf to achieve the desired goal.

If you need to hire someone to bid at an auction, buy items for you, or act as your agent to negotiate a deal, an Agency Agreement comes in handy. If you ask a professional to act on your behalf it will save you time and help you conduct your business in a more efficient way. Besides, if you lack specialized skills, for instance when facing a legal matter, you will benefit from having a qualified attorney represent you.

You may download an Agency Agreement template below or compose a more personalized contract using our online form builder.


Agency Agreement Vs. Distribution Agreement

An Agency Agreement is often confused with a Distribution Agreement. Despite a few similarities between these two fiduciary contracts, the agent sells goods on behalf of the principal who becomes the ultimate customer, while the distributor purchases the goods and sells them to other customers. In most cases, distributors resell the purchased goods and add a margin to make a profit.

Distribution Agreements are often used in low-cost sales transactions, for example, selling cosmetics and kitchen appliances, and Agency Agreements are typical for high-level sales transactions.

How to Make an Agency Agreement?

Both private individuals and businesses are allowed to create agencies so it is possible to create Agency Agreements for all sorts of purposes. If you need to hire a real estate agent, attorney, accountant, insurance agent, advertising agent, or financial planner, this is the document for you. Include the following details in your Agency Agreement:

  1. Names and contact information of the parties.
  2. Purpose of the agency. State whether this authorization is exclusive or non-exclusive. The relationship between the parties is fiduciary, which means the agent acts in good faith with the principal's best interests at heart.
  3. Date of signing the agreement and the duration of the agency.
  4. Agent's responsibilities and area of action. Generally, the agent must devote reasonable time and effort to fulfill the assigned duties, prepare and maintain documentation and reports if requested by the principal, and act with diligence. Determine the boundaries by specifying what the agent is not allowed to do.
  5. Compensation details. It is possible to add commission payments to this agreement, or even sign a separate Commission Agreement. Calculate the commission amount and decide when and how the agent will be paid.
  6. Status of the agent - this individual is not an employee and acts as an independent contractor only.
  7. Confidentiality. The agent may learn trade secrets and other confidential information during the performance of duties, and it is forbidden to disclose these details to any third party.
  8. Termination clause.
  9. Signatures of the parties.

How to Terminate an Agency Agreement?

Agency Agreements may be terminated by either party at any time with written notice sent usually 30 days in advance. Sometimes termination occurs when one of the parties breaches the agreement, becomes insolvent, liquidates, becomes ill, or dies. It is required to pay for all services performed up to the date of termination. The agent must return all of the principal's materials, products, and content to the principal at the earliest convenience.

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