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Agency is a legal relationship between an agent who is a person having the authority or capacity to create legal relations between a principal and third parties.
The agent is a person who has the authority to act on behalf of the principal and consents to do so. The relationship called 'agency' or 'principal-agent relationship' depends on the nature of the agreement and the circumstances. If the substance of the agreement intends that the alleged agent act on his own behalf and not on the behalf of the principal then notwithstanding explicit language in the agreement describing the person as agent, the relation of agency will not have arisen. Conversely, an agency relationship may arise superseding a clause in an agreement that it shall not.
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Determining applicable law and jurisdiction, and the territorial scope of statutory employment rights鈥攃hecklist This Checklist provides an overview of the questions to be asked when determining: 鈥 which system of law is applicable to a contract of employment or employment relationship (applicable law) 鈥 whose courts and/or tribunals should decide an employment case (jurisdiction), and 鈥 how the courts and employment tribunals decide what statutory rights, if any, an employee who works abroad and/or has a foreign employer (territorial application or scope of statutory employment rights) Brexit impact From exit day (31 January 2020) the UK ceased to be an EU Member State but, in accordance with the transitional arrangements provided in the Withdrawal Agreement, the UK was in an implementation period (IP) until 11pm on 31 December 2020, known as 鈥業P completion day鈥. During this period, the UK continued to be treated by the EU as a Member State for many purposes. While it could not participate in the political institutions and governance structures of the EU, the UK...
EU operational resilience鈥攖imeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience鈥攖imeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) 鈥/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...
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This Practice Note is an introduction to agency. It describes the essentials of the agency relationship between the principal and the agent including the ways in which an agent is appointed to act on behalf of a principal, the different types of agency appointments and the authority that an agent has to act on behalf of a principal.Nature of agencyAgency is a relationship under which a principal appoints an agent to act under their direction and on their behalf for specified purposes. In business, such purposes are commonly the introduction or conclusion of contracts between the principal and customers or other third parties. The term 鈥榓gent鈥 is sometimes used loosely in business and may refer to those, eg distributors, whose activities are similar to those of agents but who are not agents in law.In commercial matters, the parties will normally have a written agreement that sets out:鈥he scope of the agent's authority鈥he parties' rights and duties鈥nder what circumstances and with what consequences the agency can be terminated鈥eneral commercial provisions, and鈥here...
This Practice Note compares agency with distribution and contains a table setting out the key legal differences between agents and distributors. This Practice Note sets out the difference between agents and distributors, including the relationship with their respective principal or manufacturer and compares the risk profile of each appointment. Consideration is also given to the circumstances under which an agency is preferred, and the conditions that favour distributorships.Initial considerationsAgency and distribution are examples of channels to market: means by which a manufacturer, producer or an intermediary, such as a wholesaler, gets its products to end-user customers. Other channels to market include direct sales (where sales staff are employed directly by the manufacturer or where the manufacturer sells at a distance (eg via the internet)), entering into a joint venture with a local business, and franchising (which has many features in common with distribution). For further details on franchising, see: Franchising鈥攐verview.This Practice Note compares sales agents, who procure (and sometimes conclude) contracts with customers for their principal, with distributors. Sales agents...
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Distribution agreement鈥攏on-exclusive鈥攕hort form This Agreement is made on [date] Parties 1 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Manufacturer); and 2 [insert name of party] [of OR a company incorporated in England and Wales under number [insert registered number] whose registered office is at] [insert address] (Distributor); each of the Manufacturer and the Distributor being a party and together they are the parties. Background (A) The Manufacturer manufactures [and supplies] the Products. (B) The Distributor has agreed to distribute the Products on a non-exclusive basis in the Territory in accordance with the provisions of this Agreement. The parties agree: 1 Definitions 1.1 In this Agreement: Active Sales 鈥 has the meaning given in Article 8(7) of VABEO; Affiliate 鈥 means any entity that directly or indirectly controls, is controlled by, or is in under common control with, another entity where 鈥渃ontrol鈥 means the beneficial ownership of...
Precedent signing and closing memorandum for a commercial mortgage-backed securities transaction A Signing and Closing Memorandum is required to assist the smooth execution of a complex transaction. This precedent signing and closing memorandum sets out steps to be taken in order to close a commercial mortgage-backed securities (CMBS) transaction. Additional documents or steps may be required depending on the specific transaction. [ISSUER] [CURRENCY][AGGREGATE AMOUNT] CLASS [A] NOTES DUE [鈥 AND [CURRENCY] [AGGREGATE AMOUNT] CLASS [B] NOTES DUE [鈥 (THE NOTES) SIGNING AND CLOSING MEMORANDUM 1 Parties involved in the transaction THE PARTIES Issuer [鈼廬 Holdings [鈼廬 Originator [鈼廬 Arranger [鈼廬 Manager [鈼廬 Trustee [鈼廬 Security Trustee [鈼廬 Paying Agent [鈼廬 Account Bank [鈼廬 Cash Manager [鈼廬 Servicer [鈼廬 Special Servicer [鈼廬 Swap Counterparty [鈼廬 Liquidity Facility Provider [鈼廬 Registrar [鈼廬 Corporate Services Provider [鈼廬 [Listing Agent] [鈼廬 Listing Authority [鈼廬 Stock Exchange [鈼廬 [Rating Agencies] [鈼廬 Euroclear Euroclear Bank SA Clearstream Clearstream Banking, societe anonyme Common Depositary [鈼廬 Auditor [鈼廬 Valuer [鈼廬 Issuer's Counsel...
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Can a landlord change from one letting agent to another during the course of the tenancy? The starting point for any contractual dispute is always the wording of the contract. In this Q&A, the first question is: does the contract permit the landlord to terminate the contract with the letting agent? And, if so, on what terms? Where the landlord is an institutional landlord and, in effect, has as much bargaining power (or more) than the letting agent, the issue is purely one of contract. Accordingly, if there is no clear termination provision, or the termination provision is fettered (eg it cannot be exercised while the property is occupied by a tenant introduced by the letting agent), or there is a fee payable by the landlord whether or not the contract is terminated, it is purely a matter of contract whether the landlord can terminate the agreement. Accordingly, the true construction of the contract will determine the outcome鈥攁nd, in this connection, there has been a notable swing in recent years...
In the case of an employment business (ie temporary work agency), if the hirer becomes insolvent and does not pay the agency, is the agency liable to pay the agency worker their wages? This Q&A has assumed that the query relates to an 鈥榚mployment business鈥 as defined in the Conduct of Employment Agencies and Employment Businesses Regulations 2003 (Conduct Regulations 2003), SI 2003/3319. For a full analysis of the legislation regulating the private recruitment industry, including the Employment Agencies Act 1973 (EAA 1973) and the Conduct Regulations 2003, SI 2003/3319, see Practice Note: Employment agencies and employment businesses. This Q&A assumes that the query relates to an 鈥榚mployment business鈥 as defined in Conduct Regs 2003, SI 2003/3319, reg 2, ie a business (sometimes known as a temporary work agency, or temping agency) that arranges temporary work for work-seekers with a client (also known as the hirer or the end-user); the temporary worker (often referred to as a 鈥榯emp鈥 or an
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Law360, London: The new 'failure to prevent' fraud offence that comes into force in September 2025 will indirectly boost the Financial Conduct Authority's (FCA鈥檚) opportunities for enforcement against corporate senior managers, countering its recent retreat from plans to 'name and shame' companies it is investigating, lawyers say.
This week's edition of EU Law weekly highlights includes analyses on the interplay between the EU AI Act and the EU General Data Protection Regulation, what legal teams need to know about AI standards, navigating the EU AI Act in 2025, and the impact of imminent European design reforms on companies鈥 future IP strategies. Further this week, the European Commission published its 2025鈥2030 Ecodesign Working Plan, launched a call for evidence on its proposed Industrial Decarbonisation Accelerator Act, adopted three Delegated Regulations under the European Green Bond Regulation, fined Apple 鈧500m and Meta 鈧200m for breaching EU Digital Markets Act obligations and closed its EU Digital Markets Act investigation into Apple's user choice obligations. Finally, this week鈥檚 highlights cover the publication of new guidelines on sharing cybersecurity information in the electricity sector and MedTech Europe鈥檚 warnings on the risks associated with medical import tariffs.
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