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Buying agents or purchasing agents are people or companies that offer to buy goods or property on behalf of another party. [1] Indent agents or indenting agents (or firms) are alternative terms for buying agents. [2] An indent is an order for goods under specified conditions of sale. [3] [4]
Independent or third party personnel who undertake procurement or negotiate purchases on behalf of an organization may be called purchasing agents or buying agents, although the term "purchasing agent" has a longer and broader history: the Institute for Supply Management in the United States was originally called the National Association of ...
This is a supply chain, purchasing/procurement, and inventory function. This enables bulk discounting, auditing, and Sarbanes-Oxley compliance. Duties of a corporate sourcing agent include: Coordinating all activities related to procurement of a commodity beginning with intent to purchase through delivery
Here's a quick rundown of the different roles an agent can play in any one transaction when purchasing a home.
Another change was the focus on negotiating contracts and procurement of large capital equipment. Both of these functions permitted purchasing departments to make the biggest financial contribution to the organization. A new term and job title emerged – Strategic sourcing and Sourcing Managers.
An agent owes the principal a number of duties. These include: a duty to undertake the task or tasks specified by the terms of the agency; a duty to discharge his duties with care and due diligence; An agent must not accept any new obligations that are inconsistent with the duties owed to the principal.
The Buyer Agent owes fiduciary duties to the Buyer under this relationship and agreement, including fidelity, honesty, dedication to purpose, acting in the Buyer's best interests, etc. [5] The commission to be paid to the Buyer's Agent in the Buyer Agency Agreement, though ultimately the Buyer's obligation, is generally offset in whole or in ...
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