Many readers will be aware that the implementation of the Bribery Act 2010 has been delayed. But delayed does not mean repeal.
The Bribery Act is expected to be implemented later this year.
When the Bribery Act comes into force, there will be no question that it will impact on principals and agents and suppliers and distributors. To believe otherwise is to believe that West Ham United can still qualify for next season’s Champions League.
Bribery involves offering, giving or promising financial or other advantage to a third party with the intention of inducing that third party to act improperly. Principals and agents in particular may find themselves the subject of scrutiny under the Act, not least because US prosecutors have determined that paying commission is a “red flag” in assessing the likelihood of bribery – despite the fact that it lies at the heart of almost every agency agreement.
For the time being, principals and agents and suppliers and distributors should be determining where they may be vulnerable and considering the steps which they may need to take in order to stay on the right side of the law.
For further information please contact Emma Roake
Written by Agentlaw Team