Mar 27, 2024
Why You Need a Process Agent UK
In today’s global economy international transactions often involve parties located in different jurisdictions. If the transaction is governed by or subject to English law, it may be necessary for a party to appoint a process agent uk (or “agent for service of process” in US terminology).
A professional process agent has the experience and knowledge of what’s required to carry out the role successfully, quickly and cost effectively. They will carefully review any agreements to ensure they clearly define the limited scope of their appointment as a process agent and that this does not conflict with or exceed any other terms in an agreement.
Process Agents: Bridging Legal Gaps for International Transactions
They have the capability to respond rapidly when they receive communication and forward it on to you or your advisors as instructed. They will also maintain confidentiality and not disclose any information relating to their appointment or the underlying transaction without the express permission of the appointing party.
If you’re considering appointing a process agent, it’s important to take the time to find one who can offer the service that meets your needs. A good start is to check that they are responsive when you make an initial enquiry, if it takes too long then this could be a sign that their services may not be up to the mark.
Typical arrangements that require a UK process agent include an overseas entity raising a loan from a City institution. In these cases, the lending bank will typically require that the borrowing entity appoint a UK-based process agent to receive formal notices in the event of default on the loan.
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