Workmens Compensation Act
Brokerage agreement
A type or contract, whereby a person or company acts as a sales agent on behalf of the exporting company (principal), introducing its products to potential buyers in the external market, in exchange for a commission based on the value of the business deals.
A compromise and release (C&R) agreement is a type of contract between an injured worker and a party—usually an insurance company—that is paying workers’ compensation benefits to the injured person. By signing the agreement, the injured party settles his workers’ compensation claim in exchange for a lump-sum check.
The insurance company is making a wager here. It is betting that the total amount it surrenders in the check will be less than the amount of money it would have paid the injured worker over the long haul for his medical care, rehabilitation expenses, and lost wages. The insurance company also gets to tidy up its accounting, because a settlement allows it to put a fixed value on the claim.(Workmens Compensation Act)
There are a number of reasons why injured workers prefer a large settlement rather than collecting Pennsylvania workers’ compensation benefits on a regular schedule. These include:
• The power to spend the money as they want, and not set aside specific amounts for medical care.
• The ability to invest some or all of the money and collect a good rate of return on those investments.
• Avoiding the requirement to attend regular doctor’s visits to assess medical progress, and also avoiding the worry that a doctor’s decision could cut off their benefits.
• The option of returning to work in a limited capacity or opening a new business without terminating benefits.
• The ability to afford higher education or work training for a new job.
• The possibility of passing on some of the settlement money as a bequest, if the workplace injuries ultimately prove fatal.
• The chance to avoid courtroom battles over money.
The Risks from Signing a C&R Agreement
While a few states forbid compromise and release agreements for workers’ compensation cases, Pennsylvania permits them and gives insurance companies wide freedom in drafting these contracts. It’s important to understand the provisions of any C&R agreement you have been asked to accept. Unless you have had extensive legal training, you will find the agreement difficult to understand. You should be very cautious about signing any document you don’t understand.(Workmens Compensation Act)
Another consideration is the amount of the settlement offered. There is no guarantee that the amount of money offered will be sufficient for your future. We know of many cases where an individual could not foresee the cost of his future health expenses and accepted a settlement that was too low to meet his needs down the road.
In short, you need skilled and trustworthy legal advice before you settle your workers’ compensation case. Schmidt Kramer is proud of our team of workers’ compensation attorneys. (Workmens Compensation Act)
Please don’t sign a compromise and release agreement without having the document reviewed by an experienced attorney. Even if you choose another law firm to represent you, it’s important that you consult someone about the implications of the agreement before you sign it ranged and paid to the principal.(Workmens Compensation Act)
As with the distributor, this relationship does not imply a formal interdependence between the principal and the agent intermediary, unless the laws of the country of destination state otherwise. The mechanism of commission agent or intermediary is therefore very useful to companies that are launching their export operations.
This type of contract is ideal for small companies with little or no experience in international trade, as it allows them to access international markets without having to make large investments. Everything is left in the hands of the agent. This type of contract is usually called Commission Sales Agreement.
Agency Agreement
An agency agreement is a legal contract creating a fiduciary relationship whereby the first party (“the principal”) agrees that the actions of a second party (“the agent”) binds the principal to later agreements made by the agent as if the principal had himself personally made the later agreements.
The power of the agent to bind the principal is usually legally referred to as authority. Agency created via an agreement may be a form of implied authority, such as when a person gives their credit card to a close relative, the cardholder may be required to pay for purchases made by the relative with their credit card.(Workmens Compensation Act)
Many states employ the equal dignity rule whereby the agency agreement must be in writing if the later agreement would also necessarily be written, such as a contract to buy thousands of dollars’ worth of goods.(Workmens Compensation Act)
An example of the existence of an agency agreement at issue in a 2006 court case arose when a tennis tournament sponsor sued Venus and Serena Williams for not participating. The sponsor argued that their father, Richard Williams, had committed to their participation in the tournament.
The Williams sisters argued that their father did not have the authority to bind them to such an agreement. If their father did commit the sisters to play, the issue for the court to decide is whether a valid agency agreement existed between the Williams sisters and their father. If not, then they likely were not bound to his agreement under the law of agency.(Workmens Compensation Act)
Click Here to Download
ALSO READ:
