Buying Agency Agreement Template for England and Wales

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Key Requirements PROMPT example:

Buying Agency Agreement

"I need a Buying Agency Agreement for my retail company to appoint an agent in Asia who will source fashion accessories, with a commission structure of 5% and an initial term starting from March 2025 for two years."

Document background

The Buying Agency Agreement is essential when a business or individual wishes to formally engage a professional to conduct procurement activities on their behalf. This contract type, governed by English and Welsh law, defines the relationship between principal and agent, establishing clear parameters for authority, compensation, and responsibilities. It's particularly valuable in international trade, retail sourcing, and situations requiring specialized market knowledge or relationships. The agreement typically includes detailed provisions for purchasing processes, quality control, reporting obligations, and commission structures.

Suggested Sections

1. Parties: Identification and details of the principal and the buying agent

2. Background: Context and purpose of the agreement

3. Definitions: Key terms used throughout the agreement

4. Appointment and Scope: Terms of appointment and scope of agent's authority

5. Agent's Obligations: Duties and responsibilities of the buying agent

6. Principal's Obligations: Duties and responsibilities of the principal

7. Fees and Payment: Commission structure and payment terms

8. Term and Termination: Duration and termination provisions

Optional Sections

1. Non-Competition: Restrictions on agent's activities with competitors when protecting market position is crucial

2. International Provisions: Specific terms for cross-border transactions when dealing with international purchases

3. Insurance Requirements: Specific insurance obligations for high-value purchases

Suggested Schedules

1. Schedule 1 - Services: Detailed description of buying agency services

2. Schedule 2 - Fee Structure: Detailed breakdown of fees and commission calculations

3. Schedule 3 - Territory: Geographic scope of agent's authority

4. Appendix 1 - Reporting Requirements: Templates and timing for required reports

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Retail
Manufacturing
Fashion
Real Estate
Import/Export

Relevant Teams

Procurement
Legal
Finance
Operations
Supply Chain

Relevant Roles

Procurement Manager
Purchasing Director
Sourcing Agent
Commercial Director
Supply Chain Manager

Industries

Agency Workers Regulations 2010: Primary legislation governing the rights of agency workers and obligations of employment agencies in the UK

Commercial Agents (Council Directive) Regulations 1993: Regulations protecting commercial agents in their relationships with principals, including rights to commission and termination compensation

Supply of Goods and Services Act 1982: Legislation governing contracts for the supply of goods and services, including implied terms about quality and fitness for purpose

Consumer Rights Act 2015: Key consumer protection legislation that may apply if the buying agency deals with consumer clients

Contracts (Rights of Third Parties) Act 1999: Legislation governing when third parties can enforce terms of a contract they are not directly party to

Competition Act 1998: Legislation prohibiting anti-competitive agreements and abuse of dominant market positions

Enterprise Act 2002: Framework for merger control and market investigations in the UK

Financial Services and Markets Act 2000: Primary legislation governing financial services regulation in the UK

UK GDPR: Data protection legislation governing how organizations must handle personal data

Data Protection Act 2018: UK's implementation of data protection standards, working alongside UK GDPR

Money Laundering Regulations 2017: Regulations requiring businesses to have AML procedures and conduct due diligence on clients

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of crime

Business Protection from Misleading Marketing Regulations 2008: Regulations protecting businesses from misleading marketing practices

Unfair Contract Terms Act 1977: Legislation controlling unfair terms in contracts, particularly exclusion clauses

Electronic Commerce (EC Directive) Regulations 2002: Regulations governing electronic commerce and online business activities

Common Law of Agency: Body of case law establishing principles governing the agent-principal relationship

Contract Law Principles: Fundamental common law principles governing formation and enforcement of contracts

Fiduciary Duties: Common law principles establishing special obligations of trust and loyalty owed by agents to principals

How a Sales & Marketing Lead uses Genie AI to reduce contract drafting time by 95%

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Authors

Alex Denne

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