Legal Definitions - successor agent

Definition: A successor agent is an agent appointed by a principal to act in place of a primary agent who is unable or unwilling to perform their duties.

Example: A company hires a primary agent to negotiate a contract with a vendor. However, the primary agent falls ill and cannot complete the negotiations. The company appoints a successor agent to take over and complete the negotiations on behalf of the company.

Explanation: In this example, the primary agent is unable to perform their duties due to illness, and the company appoints a successor agent to take over. The successor agent is authorized to act on behalf of the company and complete the negotiations with the vendor. The appointment of a successor agent ensures that the company's interests are protected and that the negotiations are completed in a timely manner.