Complete Legal New York Sports Agents, Etc. Forms For Free

Because of the fiduciary nature of the relationship, agents owe principals certain duties, including loyalty, good faith, candor, full disclosure, refraining from self-dealing, acting with strict integrity and using reasonable care and all proper skill to serve the interests of the principal.

As a fiduciary of the principal, the agent stands in a position of special trust. His responsibility is to subordinate his self-interest to that of his principal. The fiduciary responsibility is imposed by law. The absence of any clause in the contract detailing the agent's fiduciary duty does not relieve him of it.

So here are 17 tips for making a good selection of an agent: Big Names are not everything. Complete trust is the single most important element in choosing your agent. More money does not equal better representation. But, more money can help provide you with important services. Beware of promises.

Additionally, a sports agent must not use his position or an athlete's property to benefit himself or another entity, unless the athlete has given consent for the agent to do so.

Sports agents generally receive between 4 and 15% of the athlete's playing contract, and 10 to 20% of the athlete's endorsement contract, although these figures vary. NFL agents are not permitted to receive more than 3%, and NBA agents not more than 4%, of their client's playing contracts.

A sports agent's primary responsibility is to negotiate contracts between an athlete and their team. They handle contract negotiations when a particular company considers their client for an endorsement deal. A sports agent is also in charge of recruiting new talent and managing marketing and promotion.