explain further Section 170 of the Contract Act 1950 indicates that an agent may retain, out of any sums received on account of the principal in the business of the agency, all money due to himself in respect of advances made or expenses properly incurred by him in conducting such business, and also such remuneration as may be payable to him for acting as an agent. Section 171 of the Contract Act 1950 stipulates that subject to the deduction specified in section 170, the agent is bound to pay to his principal all sums received on his account.