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.

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