Words and phrases

 

Remuneration, reimbursement, and indemnity

'Remuneration' means the agreed or customary fee for the work done by the agent for the principal.

'Reimbursement' refers to the repayment of the expenses that have been properly incurred by the agent in carrying out their work for the principal.

'Indemnity' means money paid to an agent to compensate them for the costs of any personal legal liability that the agent may have incurred while properly acting for the principal.