The Coronavirus Business Interruption Loan Scheme (CBILS) has had a slow start and Chancellor Rishi Sunak has been forced to overhaul the scheme following pressure from small business owners, primarily at the paltry level of loans sanctioned compared to...
Often confused with distribution agreements, agency agreements are contracts between a principal and an agent and are governed by the Commercial Agents (Council Directive) Regulations 1993 (the “Commercial Agents Regulations”). In certain instances this is the preferred relationship between parties for the provision of sales and marketing services by self-employed agents on behalf of the principal company.
The establishment of a formal agency relationship can be an important step, but could carry financial burden if the agency agreement is not drafted carefully and the relationship is not monitored on a regular basis. When drafting such an agreement, matters for consideration include the parties’ status, commission, territory, term/termination provisions, restrictive covenants and importantly the issue of compensation or indemnity payments following early non-breach termination.
We have extensive knowledge in advising, drafting and negotiating agency agreements for both the principal and agent.