Common use of Powers of the Agent Clause in Contracts

Powers of the Agent. The Corporate Member hereby authorises the Agent to exercise on its behalf such powers as are necessary or expedient for the provision by the Agent of the services and the performance by the Agent of the duties set out in this Agreement including (without limitation) the power: Underwriting (a) to conduct the Underwriting subject to the provisions of clauses 4.1 and 4.2 but otherwise in such manner as the Agent in its sole discretion sees fit; (b) to enter into contracts of insurance on behalf of the Corporate Member and the other members of the Managed Syndicate; (c) without prejudice to paragraph (d) below, to enter on behalf of the Corporate Member and the other members of the Managed Syndicate into contracts to reinsure any risks insured by any contract entered into under paragraph (b) above;