👉 In the context of financial transactions and business practices, a beneficiaryship refers to a situation where one party is responsible for the financial obligations of another party. It typically involves a third party who has been appointed as an agent or representative to represent the interests of the principal party.
The process of beneficiaryship can occur in various scenarios including:
1.
Assigning Authority
: A company may assign its rights and responsibilities to a third party, which is known as an assignment of authority.
2.
De
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What is the definition of Beneficiaryship? 🙋
