In today's modern economy, globalization has caused a
massive expansion in trade and industry, and has normalized the
need to hire agents to act on behalf of
an individual or a company in a new
jurisdiction. This has resulted in a level of uncertainty
with regards to people's understanding of the laws
and regulations, which govern an agency
agreement, and the documents necessary to create this
relationship in a legally sound manner.
A power of attorney is the first legal
document wherein the principal assigns an agent to act on his
behalf broadly, or to take a limited set of decisions on his
behalf. The powers of the
agent herein will therefore differ according to what
is granted to him by the principal, regardless of whether the
document is titled a "comprehensive power of attorney",
"general power of attorney", or "private power of
attorney".
