Legal Authority Template

LEGAL AUTHORITY AGREEMENT

This Legal Authority Agreement (the "Agreement") is made and entered into as of , by and between Principal Name: , whose address is ("Principal"), and Agent Name: , whose address is ("Agent").

RECITALS

WHEREAS, Principal desires to appoint Agent and to grant Agent authority to act on Principal's behalf in certain matters identified in this Agreement and to perform the acts set forth in the Scope of Authority; and

WHEREAS, Agent is willing to accept such appointment and agrees to exercise the granted authority subject to the terms, limitations and fiduciary duties set forth herein; and

WHEREAS, the parties intend that this document create a binding legal delegation of authority and allocation of duties between Principal and Agent as provided below.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. APPOINTMENT

Principal hereby appoints Agent as Principal's true and lawful attorney-in-fact with authority to act in Principal's name, place and stead to the extent and subject to the limitations described in Section 2 (the "Authority"). The Authority granted herein is fiduciary in nature and shall be exercised in accordance with the terms of this Agreement.

2. SCOPE OF AUTHORITY

Agent is authorized to take the following actions on behalf of Principal, subject to any specific restrictions set forth in this Agreement:

Financial transactions, including banking, transfers and account management
Real property transactions, including sale, lease and mortgage execution
Legal representation and settlement negotiations
Tax matters and filings to the extent permitted by law
Access to and control of records, documents and electronic accounts

3. EFFECTIVE DATE AND TERM

This Agreement shall become effective on the Effective Date set forth above and shall continue in full force and effect until the earlier of: (a) the Termination Date set by the Principal below, (b) revocation by Principal as provided in Section 3.2, or (c) termination as otherwise provided herein.

3.1 Revocation. Principal may revoke this Agreement, in whole or in part, at any time by providing written notice to Agent as required in Section 10. Revocation will be effective upon receipt unless the notice specifies a later effective date.

4. LIMITATIONS AND PROHIBITED ACTS

Agent shall not, without the prior written consent of Principal: (a) make, amend or revoke Principal's will or testamentary dispositions; (b) make gifts of Principal's property except as expressly authorized in writing; (c) change beneficiary designations on contracts or instruments unless expressly authorized; or (d) engage in any conduct which would constitute self-dealing or a conflict of interest contrary to Principal's interests.

5. DUTIES, STANDARDS AND RECORDS

Agent shall act loyally, in good faith, and in the best interests of Principal. Agent shall keep accurate records of all acts performed under this Agreement and shall provide an accounting to Principal upon reasonable request. Agent shall avoid conflicts of interest and shall disclose promptly any potential conflicts to Principal in writing.

6. REPRESENTATIONS AND WARRANTIES

6.1 Principal represents and warrants that Principal has the legal capacity and authority to execute this Agreement and to grant the powers herein. Principal further represents that no other instrument, contract or legal restriction prevents Principal from granting the Authority described herein.

6.2 Agent represents and warrants that Agent has the legal capacity to accept this appointment, that Agent will comply with applicable law in exercising the Authority, and that Agent is not subject to any legal disability or conflict that would impair performance.

7. CONFIDENTIALITY

Agent shall maintain the confidentiality of Principal's nonpublic information obtained in the course of exercising the Authority and shall not disclose such information except as necessary to perform duties under this Agreement, to comply with law, or with Principal's prior written consent.

8. INDEMNIFICATION

Principal shall indemnify and hold harmless Agent from and against any and all losses, claims, liabilities, damages, costs and expenses (including reasonable attorneys' fees) arising from Agent's good faith performance of the Authority granted by this Agreement, except to the extent such losses arise from Agent's gross negligence, willful misconduct, or material breach of this Agreement.

9. INSURANCE AND BONDING

If reasonably requested by Principal, Agent shall obtain and maintain appropriate insurance or bond covering acts performed pursuant to this Agreement and shall provide evidence of such insurance or bond to Principal upon request.

10. NOTICES

All notices required or permitted under this Agreement shall be in writing and delivered by hand, nationally recognized overnight courier, or certified mail, return receipt requested, to the addresses set forth below or to such other address as a party may designate by notice in accordance with this Section. Notice shall be effective upon receipt.

11. AMENDMENTS AND WAIVER

No amendment, modification or waiver of any provision of this Agreement shall be effective unless in writing and signed by both Principal and Agent. No waiver shall constitute a waiver of any other provision or of the same provision on any other occasion.

12. COUNTERPARTS

This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one and the same instrument. Signatures transmitted by electronic means shall be valid and binding.

13. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the substantive laws of the State or jurisdiction indicated below, without regard to conflict-of-law principles.

14. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, representations and warranties, both written and oral, between the parties.

15. SEVERABILITY

If any provision of this Agreement is determined to be invalid or unenforceable in whole or in part, such provision shall be severed to the extent of such invalidity or unenforceability, and the remaining provisions shall remain in full force and effect.

16. MISCELLANEOUS

The headings in this Agreement are for convenience only and shall not affect the interpretation of any provision. References to "including" or "includes" shall be deemed to be followed by "without limitation" unless expressly stated otherwise.

By signing below, each party acknowledges that they have read and understand this Agreement, that they enter into it voluntarily, and that the representations and warranties contained herein are true and accurate as of the date of execution.

Sign Now