By Gmb Publishing, George Curmi
This is often the 1st authoritative consultant to the clients for company and funding in Albania. It exhibits how this small eu kingdom is beginning up for enterprise having lately reinforced its ties with the european via a Stabilization and organization contract. Macroeconomic functionality has better sharply lately, because of rules below IMF-backed programmes, prompting new curiosity from the foreign company neighborhood.
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The principal should provide the agent with an extract of the accounts in relation to his/her commission no later than the last day of the month after the quarter period in which the commission was due. This extract/statement should detail essential elements of the basis upon which the commission was calculated. Within that same term, the liquidated commissions, in respect of the transactions for which there have been payments made by the third parties, must be effectively reimbursed to the agent.
The agent shall also conform to the duties that are typically incumbent on commercial agents insofar as they are not excluded by the nature of the agency agreement. In cases where an agent is not in a position to fulfil the task with which he/she is entrusted, he/she should notify the principal promptly, failing which the agent shall be liable to pay damages. The agent is prohibited by law from receipt of monetary or other considerations belonging to the principal in the absence of an agreement thereof, and if this power has been granted to him/her by the principal, he/she cannot grant discounts or extensions of time for payments due without the specific authorization of the principal.
He/she is obliged to provide to the principal all information relating to the market conditions in the area subject to the agency agreement, and further provide any other information that is useful in appraising the advantages of individual transactions. The agent shall also conform to the duties that are typically incumbent on commercial agents insofar as they are not excluded by the nature of the agency agreement. In cases where an agent is not in a position to fulfil the task with which he/she is entrusted, he/she should notify the principal promptly, failing which the agent shall be liable to pay damages.