Chapter 17: Agency
Firstly, I would hire beauticians at my Beauty Salon, who would fulfill their duty and work as per the instructions of the clients who come to the Beauty Salon. Secondly I would employ Professional Photographers for my Photography Hub; I would expect them to work on orders such as going to the event venue and capturing the complete event as per the client’s demands. Thirdly I would take on volunteers to volunteer for my vocational training institute, where they would spend their weekends training various vocational skills to homeless/ poor people who cannot earn a living.
Features of Agency Relationship are:
First Feature is that there should be consent between the agent and the principal, where agent agrees to represent the organization or an individual not breaching the rules and regulations set by the Principal. Secondly, The Principal should set up rules for the agent so he should know he is controlled by the principal and not work according to his wish, the agent should work under the instructions of Principal. Thirdly, the relationship of fiduciary where both the agent and Principal have trust on each other should exist; unless there weren't any trust, the relationship would not be smooth.
Duties of the Agent:
The agent must stay loyal to me, and not do anything that would be not in favor of my company or engage in any activity that concludes in betrayal towards the organization. In addition to this, the agent must be obedient and follow all my instructions, unless illegal. Furthermore, the agent must have a reasonably caring attitude towards me and my work, thinking beneficial. Lastly, the agent must provide me with all the accurate information that he thinks might concerns me.
Duties of a Principal:
In the case of any misunderstanding regarding the purchase or a transaction that occurred which was a benefit to me, the expense should be reimbursed to the agent. Moreover, my duty is to be cooperative enough let the agent accomplish the task without interfering and challenging his abilities.