Agent Designations Sample Clauses
The Agent Designations clause identifies and formally appoints one or more parties to act as agents on behalf of another party within the context of the agreement. This clause typically outlines the scope of authority granted to the agent, such as the ability to make decisions, execute documents, or represent the principal in specific transactions. By clearly specifying who is authorized to act and the extent of their powers, the clause helps prevent disputes and ensures that all parties understand who is empowered to act on behalf of whom, thereby promoting clarity and accountability in the contractual relationship.
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Agent Designations. An account owner on a one owner account, and the account owners together on a multiple owner account, may designate a person or persons to be an agent(s) on the account who will be authorized to conduct transactions on the account. We will require you (the account owner(s)) to provide information about the agent(s) and will also require the agent(s) to sign Part 1 of this contract. An agent only has rights to conduct transactions on the account, and has no ownership or survivorship rights in the account or to the funds held in the account and cannot make changes to or close the account. Once you have designated an agent(s) it is your responsibility (and not the credit union’s) to monitor an agent’s transactions on the account, and you agree that we have no duty or responsibility to monitor, inquire about, or notify you of the use and purpose of any transaction conducted by your agent on the account, or assure that any transaction is for your benefit. The agent’s authority to conduct transactions will continue until you terminate that authority with us or until we receive written notice of your death and have a reasonable opportunity to act on that notice. If you wish to terminate an agent’s authority conduct transactions on the account, you must notify us and change Part 1 of this contract in writing according to the terms of this agreement. We have no duty to preclude an agent from conducting transactions on the account until you have made this change. In the event of your death on a one owner account or the final surviving account owner’s death on a multiple owner account, any funds in the account will be disbursed according to Part 1 of this contract and provision 4 of this agreement.
Agent Designations. An owner on a one owner account, and the owners together on a multiple owner account, may designate a person or persons to be an agent on the account who will be authorized to conduct transactions on the account. We will require you and your agent(s) to provide information about the agent(s) and will also require each agent to sign Part 1 of this Contract. An agent only has the right to conduct transactions on the account, and has no ownership or survivorship rights in the account or to the funds held in the account, and cannot make changes to or close the account. Once you have designated an agent on your account, it is your sole responsibility and not our responsibility to monitor an agent’s transactions on the account, and you agree that we have no duty or responsibility to monitor, inquire about, or notify you of the use and purpose of any transaction conducted by your agent on the account, or assure that any transaction is for your benefit. The agent’s authority to conduct transactions will continue until we receive written notice that you have terminated the agent’s authority or until we receive written notice of your death and have a reasonable opportunity to act on that notice. If you wish to terminate an agent’s authority to conduct transactions on the account, you must notify us and change Part 1 of this Contract. We have no duty to prevent an agent from conducting transactions on the account until you have made this change. Upon your death on a one owner account or the final surviving owner’s death on a multiple owner account, any funds in the account will be disbursed according this Contract.