Duties of a principal

Question 1

CRIP stands for?

Answer 1

Compensation
Reimbursement
Indemnification
Performance

Question 2

Compensation - the _____ should be paid upon __________ of duties.

Answer 2

the agent should be paid upon completion of duties.

Question 3

Reimbursement - the _________ should _________ the agent for expenses covered on their behalf.

Answer 3

the principal should reimburse the agent for expenses covered on their behalf.

Question 4

Indemnification - this protects the agent if the information they were represented was _____, and they were unaware of the _________________.

Answer 4

this protects the agent if the information they were represented was false, and they were unaware of the misrepresentation.

Question 5

Performance - the principal must cooperate with the agent to help ____ their _____.

Answer 5

the principal must cooperate with the agent to help meet their goals.