An agency agreement is a legal document entered into between the principal (the owner of a private aircraft) and the agent (the person or company responsible for finding a buyer and completing the transaction). The main features of an agency agreement are: 1. Agent authorities. The agent is given certain powers by the principal to negotiate, organize the showing of the aircraft to potential buyers. The principal may limit or expand the agent's powers according to his preferences. 2. Commission. The commission is variable and may vary depending on whether the agent agrees to a higher purchase price than the principal had planned. 3. Payment terms. The commission is payable upon execution of a contract between the principal and the prospective buyer. 4. Term of Contract. The contract is concluded for a period of 6 months. 5. Liability of the parties. The contract provides for contractual limitation of liability of both the agent and the principal. A properly drafted contract, including commission terms and other key aspects, allows for a successful and transparent transaction, minimizing potential risks and misunderstandings.