If you’ve never had to appoint a process agent before, the experience will probably be a learning curve. Understanding what they actually do is a good starting point, but how can you make sure you choose the right agent for your situation, and, importantly, how can you make their job easier?
This guide is aimed at anyone who’s planning to hire a process agent and wants to get it right the first time. We’re covering four mistakes that businesses often make when they’re working with process agents, and how to avoid making them in the first place.
Mistake 1: Treating the Appointment as a Tick Box
If you need a process agent to satisfy a clause in your contract, be wary of appointing someone simply as a box-ticking exercise. You don’t want to rush into choosing an agent or go for the first person you come across, as this may mean you end up with someone who’s unsuitable for your situation.
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How to Get it Right
This is an easy one to fix: just review your contract requirements early, so you’ve got plenty of time to carefully select an agent, without the last-minute rush.
Mistake 2: Using the Wrong Type of Agent
Not all process agents offer the same service or work with the same clients. For instance, an agent who provides a service for international property transactions might not work on business deals. If you choose the wrong type of agent, you’ll end up wasting everybody’s time.
How to Get it Right
Check the agent’s website in advance to see what they offer. A good business should clearly outline the services they provide—see the Point Processing website as an example. If you’re not sure what the agent offers, contact them to find out.
Mistake 3: Appointing an Agent Too Late
Waiting to appoint a process agent on the day you’re signing a contract or closing a deal is stress that nobody needs. Not only will you put yourself at risk of making a last-minute mistake, but you also don’t know what delays you might be met with on the agent’s end, potentially putting the deal at stake.
How to Get it Right
Give yourself enough time to find and appoint a process agent. Don’t know whether you need one? Ask the other party to clarify any terms in the contract that you’re uncertain about. The sooner you know what’s required of you, the better.
Mistake 4: Forgetting to Share Agent Details with All Parties
It goes without saying that all parties involved in your deal need to have your process agent’s details. If they don’t, there’s a good chance that you’ll end up missing deadlines due to communication issues, even when an agent exists.
How to Get it Right
Make sure to update your contracts and any internal reports with the agent’s full details. That way, every party will know who to send important documents to, and you’ll avoid any unnecessary delays.