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AGENCY

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A business service, usually licensed by the state, that acts for or represents another (who is called the principal) by implied or express permission. See Cross-links: AGENT, SYNCHRONIZATION LICENSING, MUSIC PUBLISHER, MECHANICAL RIGHTS SOCIETY, PERFORMANCE RIGHTS SOCIETY, PUBLICIST, CONTRACT under "Implied Contract," and "Express Contract."

Advertising Agency:
An agency whose business is to produce graphic, written, or commercial broadcast advertisements. In the record industry, because of the complexities and high cost of maintaining an in-house advertising department, many record companies sublet there advertising campaigns to agencies that specialize in this field. These agencies have to research the product or service that is to be advertised, create and produce the ads, develop an advertising strategy (which may include test marketing), submit the ads in a timely fashion to the appropriate media outlet, do the accounting, i.e., pay the media and bill the client, track the results of the ad, follow up to evaluate the cost effectiveness of the endeavor, and adjust the procedure in order to improve the results of future advertising.

Advertising agencies usually charge a 15 to 20 percent commission on all advertisements placed plus reimbursement for expenses. Or, a flat fee is sometimes charged. If the agency places the same ad over and over a reduced fee may be negotiated by the principal. Other agreements may include an incentive bonus or a percentage of the increase in sales resulting from the agents efforts. See Cross-links: ADVERTISING, PUBLICIST, PUBLICITY, PUBLIC RELATIONS, PROMOTION.

Exclusive Agency:

An agency that is employed by a person to be his sole agent representative (the agent usually signs the client, i.e., enters into a written contractual agreement with the client, to protect agent's interests). See Cross-links: AGENT under "Artist Agent," "Booking Agent."
Termination of Agency:
The act of ending the existence of an agency relationship. How this is enabled, is usually defined by written contract. See Cross-links: DISSOLUTION, CONTRACT under "Breach of Contract."


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