Agency Law

AGENCY LAW ADVICE ISLINGTON  AND AGENCY AGREEMENTS ISLINGTON

What is Agency Law?
Agency relationship arises where one party (the principal) engages another (the agent) to act on his behalf. This could include doing his work, selling his goods or managing his business. Agency law governs the subsequent relationship between an agent dealing with a third party on behalf of the principal. Agency law governs a wide range of agreements common in business relationships.
There are a large number of contractual relationships which are not always identifiable as having an agency type relationship but are governed by Agency regulations. The implications of breaching these regulations, even in ignorance, can be costly as financial penalties exist for breaching the Commercial Agency Regulations and there are tax and salary implications if an agent is considered an employee and will therefore be entitled to different financial compensation.
Basics of Agency Law
Businesses often use agents to represent their company overseas or in a different territory or to use them as a freelance sales force and pay them on a commission basis rather than a fixed salary which helps businesses to keep costs down.
If you are considering a entering into an agency relationship then you should get a professionally drafted agency agreement put in place to safeguard your interests. Such an agreement would contain the following clauses:
• Clear guidelines setting out the agent’s authority to agree things on behalf of the principal with third parties
• Exclusivity
• Position on expenses incurred
• Territory
• Commission levels
• Termination of agreement
Why use us?
Agency law is complicated and highly regulated, particularly by EU law. Agency regulations apply as soon as the definition of an agency law relationship exists. Islington solicitors have the expertise to draft tailored agreements to maximise your business position and reduce your risk of breaching Agency regulations.
If you require further advice on with respect to Agency law then please do contact us.

What is Agency Law?

An agency relationship arises where one party (the principal) engages another (the agent) to act on his behalf. This could include doing his work, selling his goods or managing his business. Agency law governs the subsequent relationship between an agent dealing with a third party on behalf of the principal. Agency law governs a wide range of agreements common in business relationships.

There are a large number of contractual relationships which are not always identifiable as having an agency type relationship but are governed by Agency regulations. The implications of breaching these regulations, even in ignorance, can be costly as financial penalties exist for breaching the Commercial Agency Regulations and there are tax and salary implications if an agent is considered an employee and will therefore be entitled to different financial compensation.

Basics of Agency Law

Businesses often use agents to represent their company overseas or in a different territory or to use them as a freelance sales force and pay them on a commission basis rather than a fixed salary which helps businesses to keep costs down.

If you are considering a entering into an agency relationship then you should get a professionally drafted agency agreement put in place to safeguard your interests. Such an agreement would contain the following clauses:

• Clear guidelines setting out the agent’s authority to agree things on behalf of the principal with third parties

• Exclusivity

• Position on expenses incurred

• Territory

• Commission levels

• Termination of agreement

Why Use Us?

Agency law is complicated and highly regulated, particularly by EU law. Agency regulations apply as soon as the definition of an agency law relationship exists. Islington solicitors have the expertise to draft tailored agreements to maximise your business position and reduce your risk of breaching Agency regulations.

If you require further advice on with respect to Agency law then please do contact us.

FAQs about:
Agency Law

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