UNIT 8 AN AGENCY CONTRACT

PART 1 BUSINESS TERMS /8.1/

import agency - a firm with specialised knowledge of the home market, often having its own warehouses and sales organisation, which acts for foreign manufacturers and sells their goods in the home market

agency contract  - an agreement between a manufacturer (the principal) and his agent, who represents the principal, and who buys and sells the principal's goods

President - the Chief Executive of a company in the U.S.A. He/she is equivalent to the Chairman of a board of directors in Britain

to draw up an agreement/contract - to write out an agreement/contract

contract terms - the rules or conditions of the contract

to handle - to sell, deal

renegotiable - the terms of the contract may be discussed again (renegotiated) after a certain, agreed period of time

sole and exclusive agency - the agent acts for one manufacturer only and will not sell similar products offered by competitors

to sell competing lines along with our product - to sell the products of competitors as well as our product

sales force - the group of men and women whose job is to sell a product or service

total sales - the value of all the goods sold in a given period

del credere agent - an agent employed by his principal on condition that the agent bears all the risk of non-payment by customers. In return for bearing that risk, the agent receives an extra commission

to bear the risk - to take responsibility for the risks involved in trying to sell the goods

credit control - keeping a check on debts and making sure the amount of overdue debts is as small as possible

statement - financial document sent regularly by a seller to a buyer (or agent) giving details of invoices sent and containing a request for payment of any money owed to the seller

to be shared  - costs will be divided between manufacturer and agent

warehousing costs - the costs of storing stocks of goods in warehouses

to bear office expenses - to pay for the cost of running an office

accessories - parts which can be added to a machine to make it more useful or attractive

 

IDIOMS /8.1/

to go over - to examine again

to work out all right - to be successful

That's your baby - That's your responsibility

to count on smb - to rely/depend on smb

 

 

PART 2 BUSINESS TERMS /8.2/

sales performance - the sales record of the agent, the number of sales the agent has made

to terminate the contract - to end the contract

not to come up to expectations - to be less than was expected or hoped for

to be below target - to be less than has been planned or aimed at

market performance - amount of sales achieved

realistic target - a level of sales which the agent should aim at and which he should be able to achieve

sub-agent - a person who works for, or represents an agent

to make a service call - to visit a customer in order to check, and, if necessary repair, the machines he is using

incentive - encouragement, motivation

joint promotion of products - methods for increasing sales of the product are organised by both agent and manufacturer, who share any costs

recession - a reduction of business activity, not as severe as a depression or slump

committed sales force - a group of men and women who are making every effort to sell their company's products

 

PART 2 IDIOMS /8.2/

to break the news gently  - to tell you this information in a tactful manner, without upsetting you

grand - slang for a thousand, e.g. ten grand is ten thousand dollars or pounds

to be at the sharp end - to have to fight the competition

lousy - very bad, awful

to slip up - to make a mistake

not geared for - not suited for, not equipped for

to back up - to support

to drive at - to suggest or imply

Nothing came of it - There were no useful results

to pick up - to improve or increase

No way! - It's absolutely impossible

to play along with - to agree to what someone is suggesting because it is in your interests to do so

 

 

 

 

[1] Lloyd’s of London.

Lloyd’s is a unique international insurance market, it is a society of underwriters made up of more than 26, 000 members. In the 18 century customers and underwriters used to arrange insurance in a coffee house which belonged to a man called Lloyds. Although its origin lies with marine insurance, Lloyd’s now covers almost any risk. More than three-quarters of this business originates from overseas and its premium income is approximately 24 million pounds every day.

 

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