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Commission Agent & Commission Trade

A commission agency is a special type of agency relationship with distinct features from an ordinary agency relationship. Some of the peculiar features of a commission agent include the following:

  • The basic requirement in an agency relationship is acting in the name of the principal. But the most important feature of a commission agent (to buy or sell) is the fact that the agent acts in his/her own name. Thus, it’s an exception for a general rule of name test.
  • Remuneration for a commission agent is presumed even when parties fail to agree on whether it is payable or not.
  • Termination of commission agency is different from the termination of ordinary agency in the sense that the death, incapacity, absence, or bankruptcy of the agent/principal or both in principle does not automatically end the agreement. The termination emanates only when the heirs of the principal or commission agent do not like to take over the duties or rights in the relationship.
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