What are the Duties of an Agent?
Duties of an Agent include the following;
1. Obey Principals Lawful Instructions: The agents must carry out his principals’ lawful instruction.
2. The Agent Must Not Make Secret Profit Or Take Bribe: The agent must not make a secret profit or accept a bribe in respect of the agency. Any profit realized will be submitted to the principal.
3. No Conflict of Interest: The interest of the agent must not conflict with the interest of the principal.
4. Non Disclosure of Confidential Information: The agent must not disclose confidential information regarding his principals’ affairs. The information remains the property of the principal.
5. An Agent Must Render Proper Accounts: The agent must render a proper record of accounts. Records of transaction must be properly kept and rendered to the principal.
6. Exercise due Care and Skill: It is the duty of an agent to exercise due care and skill in the performance of his duties.
7. No Delegation of Duties: The agent must not delegate the performance of his duties to another party. He must carry out all the duties allocated to him alone.
8. Disclosure of All Relevant Information: He has to disclose to the principal any material information he may receive in the execution of his task.
9. Act On Behalf of the Principal: An agent is employed principally to act on behalf of his boss. He must carry out all his instructions.
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