Power of attorney

From Supply Chain Management Encyclopedia

A "Power of Attorney" is a written document often used when someone wants another physical or juridical person to handle his or her (its) financial or property matters. A Power of Attorney is a legal form but is NOT a court form. Powers of attorney are routinely granted to allow the agent to take care of a variety of transactions for the principal, such as executing a stock power, handling a tax audit, or maintaining a safe-deposit box. Powers of attorney can be written to be either general (full) or limited to special circumstances. A power of attorney generally is terminated when the principal dies or becomes incompetent, but the principal can revoke the power of attorney at any time^[1].