kINDLY EXPLAIN ME THE MEANIING OF SUBSTITUTED AGENTS AND ALSO OF SUB AGENTS.
2 Replies
Rama chary Rachakonda
(Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294)
(5128 Points)
Replied 08 July 2013
A sub-agent is appointed by the agent and as such he is under the control of the agent. A substituted agent is only named by the agent but is under the control of the principal.
jakson
(Accountant)
(41 Points)
Replied 09 January 2014
The agent is responsible to the principal for the acts of the sub-agent. The sub-agent is responsible for his acts to the agent, but not to the principal except in case of fraud or willful wrong. Where a sub-agent is properly appointed, the principal is as far as regards third parties represented by the sub-agent & bound by responsible for acts as if they were an agent originally appointed by the principal.
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