What is a commercial power of attorney?

What is a commercial power of attorney?

Commercial power of attorney

In general, a power of attorney is a legal document that is given to a person or a private lawyer to act on behalf of the client.
The responsible lawyer or agent has comprehensive or limited authority to act on behalf of the client. The agent can also make decisions regarding many actions such as medical or financial care or public property on behalf of his client. The power of attorney is issued in the event that the client is not available at all times, whether to sign papers. Financial or legal, the power of attorney officially expires, either with the death of the person entrusted, or with the cancellation of the power of attorney, or its invalidation by the court.

Commercial power of attorney

From the previous definition, we can define a commercial power of attorney as appointing a person or appointing a lawyer to manage financial and commercial transactions on behalf of the client, whether in issuing legal papers or managing The project Commercial.
Below we explain the types of powers of attorney and their uses.

Types of agencies

There are many legal powers of attorney that are issued with a legal document for a person to manage a specific matter on behalf of the client. A general power of attorney, a special power of attorney, or a permanent power of attorney can be issued. Below we explain the definition of each power of attorney and the difference between them.

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  1. power of attorney

It is a power of attorney in which the agent is delegated a comprehensive mandate, granting the principal complete authority to dispose of all the client’s affairs and to act on his behalf in all legal and financial matters. This includes commercial transactions, whether buying or selling on behalf of the principal. The general power of attorney ends with its cancellation by the principal or the death of the principal. Or it can be revoked by the court. The duration of the power of attorney can also be determined and its validity expires upon the expiration of this period.

  1. Particular power of attorney

It is a power of attorney designated to carry out a specific task, meaning it clarifies which matters the agent can dispose of, and the power of attorney expires with the completion of the matters for which it was delegated. An example of this type of agency is a commercial power of attorney, which specializes in managing the client’s trade, whether it is selling, buying, or managing.

  1. Durable power of attorney

It is similar to a general power of attorney, but without specifying a period for its expiration, so its operation is permanent until the principal cancels it himself. In this case, it is called an official power of attorney, through which the agent can completely dispose of the client’s affairs.

How to issue a commercial power of attorney

A commercial power of attorney is made by obtaining a special power of attorney form from the legal advisor, and specifying the person to whom the commercial power is assigned, whether he is an ordinary person or a legal person. The authority of the agent must also be determined, whether it is selling, buying, or managing a business in general, and a number must be written. The national ID card for both parties, along with registering the commercial power of attorney using the legal method specific to each country.
The commercial power of attorney shall expire by its cancellation by the principal or by its expiration if it was limited to a period or specific tasks or by a judicial decision.

Therefore, the power of attorney in general is a legal document in which the agent is authorized to make decisions on behalf of the principal. This applies to the commercial power of attorney, in which a person is delegated to manage the client’s commercial affairs and take all decisions and procedures on his behalf.

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