14:19
I wrote Raytheon instead of RTX since its more recognizable
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LSDefine
Simple English definitions for legal terms
successor agent
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A quick definition of successor agent:
A successor agent is someone who is appointed by a person to act as their agent if their original agent is unable or unwilling to perform their duties. An agent is someone who is authorized to act for or in place of another person. They can be anyone who is capable of performing the required functions, and they bind their principal (the person they are acting for) by the contracts they make. A successor agent is like a backup agent who takes over if the original agent can't do their job.A more thorough explanation:
Definition: A successor agent is an agent appointed by a principal to act in place of a primary agent who is unable or unwilling to perform their duties.
Example: A company hires a primary agent to negotiate a contract with a vendor. However, the primary agent falls ill and cannot complete the negotiations. The company appoints a successor agent to take over and complete the negotiations on behalf of the company.
Explanation: In this example, the primary agent is unable to perform their duties due to illness, and the company appoints a successor agent to take over. The successor agent is authorized to act on behalf of the company and complete the negotiations with the vendor. The appointment of a successor agent ensures that the company's interests are protected and that the negotiations are completed in a timely manner.