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Knowing the difference between principal and agent key for contracts

Maritime Risk International

Knowing the difference between principal and agent key for contracts

When intermediaries are involved in complex projects, it is important that they fully understand how the legal relationship with suppliers is created. This will avoid someone who means to contract as an agent from unwittingly being liable as a principal. ITIC – the International Transport Intermediaries Club – recently settled a case where a ship manager was caught up in a dispute between a supplier of grabs and an insolvent owner.

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