The term ‘Agency’ is when two parties combine and form a relationship whereby trust and consent is required in order for the principal act as a representative to the agent.

What is Agency?

The term ‘Agency’ is when two parties combine and form a relationship whereby trust and consent is required in order for the principal act as a representative to the agent. The agent must trust and have confidence in the principal as they will be working and representing them on their behalf. They will also be providing contracts on their behalf. The agent will have the principal’s best interest because the agent has the power to create obligations for the principal.

There will be an agency arrangement between two people whereby the principal will act on the agents behalf to influence his relationship with third parties, and the other agrees to do the same.

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