Final answer:
An agency agreement is a legal document detailing the professional relationship between a principal and an agent, where the agent represents the principal's interests in business matters.
Step-by-step explanation:
An agency agreement is a legal document that outlines the relationship between a principal and an agent. The principal is typically an individual or business that authorizes the agent to act on their behalf. The agent, on the other hand, is the individual or entity that is authorized to act for the principal, often in a business setting. These agreements usually specify the duties and rights of both the agent and the principal, the scope of the agent's authority, the compensation for the agent's services, and the terms under which the agreement can be terminated.
For example, in the entertainment industry, the agent represents an actor and pitches the actor to a casting director for spAn agency agreement is a legal contract between an agent and a principal that outlines the responsibilities, duties, and compensation of both parties. The agent acts as a representative of the principal and is authorized to make decisions and take actions on their behalf. This agreement establishes the scope of the agent's authority and sets forth the terms of their relationship.