Which term refers to the agent's right to payment for their service?

The term that refers to the agent's right to payment for their service is remuneration. Remuneration encompasses any form of compensation provided to an agent for performing their duties, which may include wages, commissions, or fees. It is fundamentally linked to the contractual relationship between the agent and the principal, where the principal agrees to compensate the agent for their work or services rendered on their behalf. This right to receive payment is typically established within the agency agreement, and without this payment, the agent's incentive to act in the best interest of the principal might be diminished.

Other terms in the choices, such as retention, recovery, and reimbursement, do not directly pertain to the agent's right to be compensated for their services. Retention generally refers to the act of keeping something, recovery relates to obtaining something back, and reimbursement involves the repayment for expenses incurred rather than payment for services rendered. Therefore, in the context of agency law, remuneration is the precise term that indicates the right to payment for services.