Need some advice regarding multiple requests for submission following query

I need some advice. 

Here's the situation: Last week an agency requested a full submission and asked me for an "exclusive" while they read my novel. I asked around (including published/represented authors) and was told that this is not unusual or unexpected. Since then, I have sent out no more queries but I do have several still in circulation. 

Today I received a very nice email from a second agency with a request for a partial submission. How should I handle this second request? Let them know it is currently being read and I will contact them as soon as I hear yea/nay from the first agency? Say/do nothing? 

I am still a bit new at this, so many thanks in advance for any advice!
John

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Fantastic! You have to keep us posted here how it all unfolds. My fingers are totally crossed for you.
Excellent!
Once, when I was new to the business, I gave an exclusive without a firm end date. I will never make that mistake again. These days I would not hesitate to give an exclusive of a month or less, and I would keep my end of the bargain.
JW, CS won't steer you wrong. Unless it's advice from me. Congratulations, it sounds like you wrote a winner.

Your question makes me wonder how many authors quietly submit to other agencies if they get the feeling they won't be accepted anyway from the full-requesting agent. I don't condone this at all. But how many would be tempted by having two or three "exclusives" in the air at any one time?

Again, don't take advice from me.
But how many would be tempted by having two or three "exclusives" in the air at any one time?

Publishing is a small world, and you don't want to get a bad reputation right off the bat. Just be honest.
Right, and I'm not suggesting to do that. But it's a temptation that I'm sure some have imbibed.
Update time, if anyone is interested...   agency read full (exclusive) submission and passed saying they did not think their publisher contacts would be interested in historical crime fiction set "only" 40 years ago.  No reason to  cry  .... she complimented the writing and said to feel free to query again in the future with new work. 

Fortunately, I still had two requests on hold and another came in almost simultaneously with the rejection.   Full submission via PDF for one, first ~50 pages for another, and still waiting on the third to confirm submission format.  One liked my "snappy" query.  ;) 

Hope everyone has a great holiday weekend in the US.  Hopefully, Hurricane Earl on the east coast won't spoil things for those living there. 

I've been organizing my research for the next one, but post-Labor Day it's back to querying! 
JohnN
Hey...sorry about the first one (but yeah, it's great they like your writing). So I'm having trouble deciphering your post...does this mean you're still waiting on 2 or 3? And regardless of the #, good luck! I hope you rock this deal.
Thanks, Robin! No, it's two submissions now that the exclusive is done, one full, one partial. Waiting on a third to tell me format (hardcopy, Word, PDF, ??) they wish.

Still, it's back to querying land on Monday for me!

JohnN
I take it that you submitted the three "on hold" now and simultaneously. Very good luck with that. And given the interest, keep them on tight schedules.
40 years ago is probably not exactly history, but as a mystery it should fly. Any number of well-known authors have gone back that far recently. If worse comes to worst, you can sometimes do that that sort of story as a "cold case," that is with a current time lead-in.
Thanks, I.J.!
JW, it sounds like you've got the attention of the publishing world. Hope you find a contract in there! Enjoy the holiday.

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