Common use of PRINCIPAL’S DUTIES Clause in Contracts

PRINCIPAL’S DUTIES. 1. The Principal shall be obliged to: a. provide the Agents immediately upon request with all necessary funds to cover advance disbursements, b. reimburse the Agent any expenses incurred by him on their behalf or with their consent, c. be responsible for consequences of any actions of the Agent within his authority, d. provide with all documentation, necessary to fulfil the Agent’s task together with any stationery specifically required by the Principal, e. provide timely full information regarding the Vessel’s schedules, ports of call insofar as it affects the port agency activities. 2. The Principal shall at all times indemnify the Agent against all claims, charges, losses, damages and expenses which the Agent may incur in connection with the fulfilment of his duties under this Agreement. Such indemnity shall extend to all acts, matters and things done, suffered or incurred by the Agent during the duration of the Port Agency Agreement, notwithstanding any termination thereof, provided always, that this indemnity shall not extend to matters arising by reason of the wilful misconduct or negligence of the Agent. 3. If mutually agreed the Principal shall take over the conduct of any dispute which may arise between the Agent and any third party as a result of the performance of the Agent’s duties. 4. Where the Principal limits the authority of the Agent, any agreement of the Agent concluded him with a third person who acted honestly is valid and obligatory for the Principal, unless the third party was not acknowledged of such restrictions. 5. The Principal undertakes with the Agent that no claim or allegation of any kind shall be made against any of the Agent’s directors, officers or employees (hereinafter collectively called “the beneficiaries”) for any loss, damage or delay of whatsoever kind arising directly or indirectly from any negligent act, error or omission of the beneficiaries in the performance of the services the subject of these conditions. The beneficiaries shall have the benefit of this undertaking and in entering into this contract the Agent, to the extent of this provision, does so not only on his own behalf, but also as agent or trustee for the beneficiaries, who shall to the extent of this clause only be or be deemed to be parties to this contract.