umboðsaðila
An umboðsaðili is a person or organization that has been authorized to act on behalf of another person or organization, known as the principal, in specified matters. The authorization usually arises from a contract of agency or a power of attorney and can be limited to particular transactions or grant broad representation. Common examples include real estate agents representing sellers or buyers, lawyers acting for clients, and distributors or intermediaries empowered to sign contracts for a company.
Authority and duties: The agent’s powers are limited to what is granted by the mandate. They must
Relationship and termination: An umboðsaðili is not necessarily an employee; the arrangement is typically governed by
Significance: Umboðsáðili play a key role in commerce, law, and administration by enabling representation when the