 | Term of the Day | Written authorization and/or command by a person, group, or organization (the ' mandator') to another (the ' mandatary') to take a certain course of action. Normally revocable until executed, a mandate is automatically terminated on the bankruptcy, incapacitation, removal from office, or death of the mandator. A check, for example, is a mandate issued by a customer of a bank, to pay it as instructed, from a customer's account balance. | | Usage Example The company needed financial advice while completing its merger and therefore approved the mandate for an investment banker to give counsel on important decisions. | |
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