Agency

agency

In law, a relationship in which one party (the agent) acts on behalf of and under the control of another (the principal) in dealing with third parties. It has its roots in ancient servant-master relations. Agency becomes a legal issue when the agent injures or wrongs a third party. In Anglo-American law, principals are bound by and liable for the acts of such agents as stockbrokers, business agents, contractors, real-estate agents, lawyers, union representatives, managing partners, and private detectives. See also regulatory agency.

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agency

1. a business or other organization providing a specific service

2. the place where an agent conducts business

3. the business, duties, or functions of an agent

4. one of the administrative organizations of a government

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agency

1. A relationship by which one party, usually the agent, is empowered to enter into binding transactions affecting the legal rights of another party, usually called the principal, as, for example, entering into a contract or buying or selling property in his name or on his behalf.

2. An administrative branch of government (federal, state, or local).

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Agency 

a civil law contract under which one party, the agent, binds himself to perform specified legal acts, such as acquisition of property or making payments, in the name and on the account of another party, the principal.

In the USSR, a contract of agency is one of the legal means to secure participation by citizens and organizations in civil turnover, such as conclusion of deals, through the assistance of other persons. The agent’s performance of legal acts with respect to third persons is based on his being given power of attorney. The principal is obligated to pay the agent a fee if this is provided for by law or the contract.