Agent — an individual or juridical entity authorized to act on behalf of another individual or juridical entity. A representee of an agent is called a principal. The agent acts on behalf of a principal in various types of relationships with the third parties, when the principal is unable to do it by himself or needs a representative in law.
The relationships between an agent and the principal are subject to agency law, and they are indicated in the agency agreement. Such an agreement establishes the rights and obligations of the parties and specifies the payment scheme for the agent’s services.
Classification of Agents
The main classification of agents is premised on the scope of the powers.
Universal Agent — an agent with wide powers that is authorized to represent the principal to make decisions on his or her behalf on a wide range of issues.
General Agent — an agent that is authorized to represent the principal in a certain sphere or within a certain period on a wide range of issues.
Special Agent — an agent that is authorized to represent the principal in a certain sphere or within a certain period on a limited range of issues.
Subagent — a natural or juridical entity to which an agent outsourced the functions fully or particularly.