Colombian Commercial Code - Decree 410 of 1971 - Book IV - Of Contracts and Corporate Obligations - Title XIII - The Mandate - Chapter I - General - From: Section 1262 to: 1265 Art

TITLE XIII

THE MANDATE

CHAPTER I

Overview

Section 1262 .- The trade mandate is a contract whereby one party undertakes to conclude or execute one or more commercial acts on behalf of another. The mandate can lead or not the representation of the principal. Granted representation, also apply the rules of Chapter II of Part I of this Book.

Section 1263 .- The mandate shall include the acts for which has been conferred and those necessary for compliance. In general mandate does not include acts which exceed the ordinary course of business, or business entrusted, unless express permission has been granted special.

Section 1264 .- The president is entitled to remuneration under or usual in this type of activity, or, failing that, to be determined by experts. When the command finishes before the complete execution of the order, the president is entitled to a fee shall be taken into account the value of services provided and the total remuneration of the mandate. If the agreed remuneration is clearly disproportionate, the principal may sue reduction, proving that the usual compensation for such services is notably lower than the stipulated or crediting by experts the disparity in the absence of usual remuneration. The reduction shall not be required if compensation is paid voluntarily agreed or after the execution of the mandate.

Section 1265 .- The president may only receive remuneration and pay to the client for any direct or indirect benefit obtained in the exercise of the mandate.