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Unit eleven Agencies Two parties: Agents Principals Two types of agents: General agents: buys or sells certain commodities on a commission basis on behalf of their foreign principals. Sole agents: deals in commodities exclusively for one foreign principal in a certain district. Agency agreement Basis of the agreement: Equality, mutual benefit, consultation and consensus Content of agency agreement The names, scopes, contents, price ranges, terms of payment, kinds of foreign currency of the entrusted import or export commodity, and other terms that shall be specified; The extent of the ri
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