Why Is It Important for an Agent to Accurately Define

question 47

Essay

Why is it important for an agent to accurately define their role when signing contracts on behalf of a principal?

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Definitions:

Shipping Costs

Expenses associated with the transport of goods from one location to another.

Liquidated Damages Agreement

A contractual provision that pre-determines the amount of damages to be paid if a party breaches the agreement.

Penal

Pertaining to punishment or penalties imposed for violations of laws or regulations.

Liquidated Damages

Predetermined sum agreed upon by the parties involved in a contract to be paid as compensation in case of breach, representing an estimate of actual damages that might result from non-performance.