Agency - Revision history

Designing Buildings at 07:35, 2 December 2020

2020-12-02T07:35:24Z

← Older revision		Revision as of 07:35, 2 December 2020
Line 32:		Line 32:
	* Warranty.		* Warranty.

−	[[Category:Appointments]] [[Category:Contracts_/_payment]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Appointments]] [[Category:Contracts_/_payment]]

Designing Buildings at 08:43, 2 February 2018

2018-02-02T08:43:38Z

← Older revision		Revision as of 08:43, 2 February 2018
Line 1:		Line 1:
−	Agency is ~~the~~ legal term for ~~the~~ fiduciary relationship ~~that is~~ created between two parties, ~~where one is obligated to~~ the ~~other. The party that~~ is obligated to perform a service or supply goods ~~is termed the ‘agent’, while the party that is in receipt of the goods or services is~~ the ‘principal’.	+	Agency is a legal term for a fiduciary relationship created between two parties, in which the agent is obligated to perform a service or supply goods for the ‘principal’.

−	~~Agency~~ is ~~an essential factor in commercial~~ and ~~financial transaction since a legal entity (such as a business or organisation) is only capable~~ of ~~functioning through its agents~~. ~~In particular~~, one type of agency is between an employer (principal) and employee (agent).	+	When agency is formed, the principal authorises the agent to undertake certain acts for them and on their behalf, and they are bound by the acts of the agent. For example, one type of agency is between an employer (principal) and employee (agent).

−	~~When agency~~ is ~~formed, the principal authorises the agent to undertake certain acts for them~~ and ~~on their behalf, and they are bound by the acts of the agent~~.	+	Agency is an essential part of commercial and financial transaction as a legal entity such as a business can only function through its agents.

	Agency can be created by:		Agency can be created by:
Line 12:		Line 12:

	The legal doctrine of estoppel prevents the principal from rejecting or denying the existence of agency where they have previously established it.		The legal doctrine of estoppel prevents the principal from rejecting or denying the existence of agency where they have previously established it.
		+
		+	In the construction industry, the term 'agent' is often used in relation to:
		+
		+	* Employer's agent - an agent acting on behalf of a client as the contract administrator for design and build contracts.
		+	* Estate agent - acting on behalf of a client for the sale or rental of properties, businesses or land.
		+	* Sub-agents - usually appointed on large construction projects to manage a specific part of the works or a specific package of work.
		+	* Client's agent of client's representative - responsible for managing a project on behalf of a client.

	= Find out more =		= Find out more =

Editor: Created page with "Agency is the legal term for the fiduciary relationship that is created between two parties, where one is obligated to the other. The party that is obligated to perform a service..."

2018-02-01T15:40:10Z

Created page with "Agency is the legal term for the fiduciary relationship that is created between two parties, where one is obligated to the other. The party that is obligated to perform a service..."

New page

Agency is the legal term for the fiduciary relationship that is created between two parties, where one is obligated to the other. The party that is obligated to perform a service or supply goods is termed the ‘agent’, while the party that is in receipt of the goods or services is the ‘principal’.

Agency is an essential factor in commercial and financial transaction since a legal entity (such as a business or organisation) is only capable of functioning through its agents. In particular, one type of agency is between an employer (principal) and employee (agent).

When agency is formed, the principal authorises the agent to undertake certain acts for them and on their behalf, and they are bound by the acts of the agent.

Agency can be created by:

* Express agreement (oral or written).
* Implication.
* The principal’s conduct.

The legal doctrine of estoppel prevents the principal from rejecting or denying the existence of agency where they have previously established it.

= Find out more =

=== Related articles on Designing Buildings Wiki ===

* Collateral warranty.
* Construction contract.
* Essentials of a contract.
* Estoppel contracts.
* Implied terms.
* Surety.
* Warranty.

[[Category:Appointments]] [[Category:Contracts_/_payment]]