Mutual Agency Sample Clauses

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Mutual Agency the Act states that the business of the partnership must be carried on by all or any of them acting for all. Thus, there must be a relationship of mutual agency amongst all the partners.
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Mutual Agency. This is the truest test of a partnership, it I the cardinal principle of a partnership. So if a partner is both the principle as well as an agent of the firm we can say that mutual agency exists. This means that the actions of any partner/s will bind all the other partners as well. So whenever there is a confusion about the existence of a partnership between people we check for the presence of a mutual agency. If such an agency exists between the parties who run a business together and share profits it will be deemed that a partnership exists. Kinds of Partnership The distinction between partnerships can be done on the basis of two criteria. They are as follows 1. With Regard to the Duration of the partnership – either Partnership at Will or Partnership for Fixed Duration 2. With regards to the extent of the business carried by the partnership – either General Partnership or Particular Partnership So let us take a look at these kinds of partnership in some detail.
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Mutual Agency. The business of partnership can be carried on by all the partners or any one of them acting for all. Thus, every partner is principal as well as agent of other partners and of the firm. Thus, (i) Each partner is liable for acts
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Mutual Agency. Every partner is an implied agent of the other partners and of the firm. Every partner is liable for acts performed by other partners on behalf of the firm.
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Mutual Agency. If any Member receives any payment from a third party with respect to the tax liability of any other Member, the Member receiving such payment promptly shall remit the same to the Member entitled thereto.
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Related to Mutual Agency

  • DUAL AGENCY Listing Broker has entered into a client relationship with Purchaser and Seller. Selling Broker: {Select A, B, C, D, or E below. The section not marked shall not be a part of this Exhibit} A.

  • Non-Agency The parties expressly acknowledge and agree that the Charter School is not acting as the agent of the Local Board, the State Board, or the Department except as required by law or this Charter. The Charter School acknowledges that it is without authority to, and will not, extend the faith and credit of the Local Board, the State Board, or the Department to any third party.

  • By Agency Agency may terminate this Grant as follows: 18.2.1 At Agency’s discretion, upon 30 days advance written notice to Grantee; 18.2.2 Immediately upon written notice to Grantee, if Agency fails to receive funding, or appropriations, limitations or other expenditure authority at levels sufficient in Agency’s reasonable administrative discretion, to perform its obligations under this Grant; 18.2.3 Immediately upon written notice to Grantee, if federal or state laws, rules, regulations or guidelines are modified or interpreted in such a way that Agency’s performance under this Grant is prohibited or Agency is prohibited from funding the Grant from the Funding Source; or 18.2.4 Immediately upon written notice to Grantee, if Grantee is in default under this Grant and such default remains uncured 15 days after written notice thereof to Grantee.

  • Employment with Public Agency Consultant, if an employee of another public agency, agrees that Consultant will not receive salary or remuneration, other than vacation pay, as an employee of another public agency for the actual time in which services are actually being performed pursuant to this Agreement.

  • BARGAINING AGENCY 2.01 The Company recognizes and agrees that the Union is the sole bargaining agent for the employees of the Company employed at the place(s) set out in the certificate(s) of bargaining authority and at any other premises opened or taken over by the Company in British Columbia. 2.02 This Agreement shall be binding on the Company and the Union and their respective successors, administrators, executors and assigns and on each employee.