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Agency Agreements

How many kinds of agency agreements are there?

There are four types of agency agreements: •The disclosed agency agreement, where the agent discloses to a third party that he represents a principal with whom he shares all the rights and obligations associated with the contract. •The undisclosed agency agreement where the agent does not disclose the fact that he represents a principal. All the rights and obligations pertaining to the contract are possessed by the agent alone. •The specific agency agreement, which is made for the procurement of specific goods and refers to a one time contract. •The global agency agreement, which is conducted for the procurement of goods at different stages of a contract and at different times. With this agreement, the financial institution appoints an agent to purchase goods for it from time to time without establishing a new agency each time.

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