Compensation Glossary

# A B C D E F G H I J K L M N O P Q R S T U V W - Z

Agency

Several definitions: 1) A service or business authorized to act on the behalf of others (for example, an employment agency that refers employees to organizations for a fee). (2) A government's administrative section. (3) A legal term describing the relationship between two parties -- a principal and his or her agent, representing the principal in business transactions with a third party.

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