Mandatary definitions
| Word backwards | yratadnam |
|---|---|
| Part of speech | The word "mandatary" is a noun. |
| Syllabic division | man-da-ta-ry |
| Plural | The plural of the word "mandatary" is "mandataries." |
| Total letters | 9 |
| Vogais (1) | a |
| Consonants (6) | m,n,d,t,r,y |
When it comes to legal terminology, understanding the concept of mandatary is crucial. A mandatary is a person who is given the authority to act on behalf of another individual, known as the principal. This authority is typically granted through a legal document known as a power of attorney or mandate.
Types of Mandataries
There are various types of mandataries, depending on the specific situation and the powers granted to them. A general mandatary has broad authority to act on behalf of the principal, while a special mandatary is limited to specific tasks or decisions. Additionally, a mandatary can be designated as either a mandatory or a voluntary agent.
Responsibilities of a Mandatary
As a representative of the principal, a mandatary has a fiduciary duty to act in the best interests of the principal at all times. This includes making decisions that are in the best interests of the principal, managing their affairs responsibly, and keeping accurate records of all transactions conducted on their behalf.
Termination of Mandate
A mandate can be terminated in several ways, such as by completion of the specified task, the death of either the principal or the mandatary, revocation by the principal, or the incapacity of either party. It is important for both parties to understand the conditions under which the mandate can be terminated to avoid any potential legal conflicts.
In conclusion, the role of a mandatary is an important one in the legal system as they act as a representative of the principal in various matters. Understanding the responsibilities and powers of a mandatary is essential for both parties involved to ensure a smooth and lawful relationship.
Mandatary Examples
- The mandatary was responsible for overseeing the distribution of funds to various charities.
- As a mandatary of the company, she was entrusted with making important financial decisions.
- The lawyer acted as a mandatary on behalf of his client during the court proceedings.
- The board appointed a new mandatary to handle the day-to-day operations of the organization.
- She was designated as the mandatary to sign legal documents on behalf of the business.
- The mandatary was required to attend regular meetings to provide updates on the project's progress.
- In her role as a mandatary, she had the authority to negotiate contracts on behalf of the company.
- The mandatary was held accountable for any decisions made on behalf of the shareholders.
- The mandatary accepted the terms of the agreement on behalf of the organization.
- He was hired as a mandatary to represent the company's interests in the merger negotiations.