Attomey-in-fact

Definition of Attomey-in-fact in International Trade

The following is a concept of Attomey-in-fact in the context of international trade law, from the Dictionary of International Trade (Global Negotiator): A person authorized to transact business generally or to perform a designated task of a non-legal nature on behalf of another individual or legal entity. An attorney-in-fact is type of agent. In many countries, his authority must be conferred by a written power of attorney. If, for example, a company buys goods from a for_eign firm, and agrees to place sufficient funds for the purchase in an escrow account, the buyer may authorize an attorney-in-fact in that foreign country to disburse the escrow funds on receiving verification from the buyer that the goods are satisfactory. A business enterprise may also authorize an attorney-in-fact to testify to facts on the company 's behalf in arbitration or legal proceedings held in a foreign country. See agent; escrow account; power of attorney.