consignment


Also found in: Dictionary, Thesaurus, Financial, Idioms, Encyclopedia, Wikipedia.
Related to consignment: consignment inventory

Consignment

The delivery of goods to a carrier to be shipped to a designated person for sale. A Bailment of goods for sale.

A consignment is an arrangement resulting from a contract in which one person, the consignor, either ships or entrusts goods to another, the consignee, for sale. If the goods are transported by a carrier to the consignee, the name of the consignor appears on the bill of lading as the person from whom the goods have been received for shipment. The consignee's name appears on it as the person to whom delivery is to be made. The consignee acts as an agent on behalf of the consignor, a principal, in selling the goods and must take reasonable care of them while in his or her possession. The consignor does not give up ownership of the goods until their sale.

Under the terms of the consignment contract, the consignee agrees to pay the consignor a balance of the price received for any goods sold, which has been reduced by a fee, usually a small percentage of the sale price. Any goods that have not been sold must be returned to the consignor.

Cross-references

Shipping Law.

consignment

v. the act of consigning goods to one who will sell them for you or transport them for you. (See: consign, consignee)

consignment

noun allocation, allotment, assignation, assignment, cession, concession, consignation, conveyance, conveyancing, delivering to, dispatchment, distribution, expressage, goods shipped, merchandise sent, sending, shipment, shipping, transfer, transference, transferring, transmission
Associated concepts: consignment for sale, consignment shipper
See also: alienation, apportionment, assignment, cargo, delegation, freight

consignment

the sending of goods. The person sending them is the consignor and the person to whom they are sent the consignee.

The consignor is generally responsible for the payment of any charges. The rights and liabilities of the consignor and consignee on the one hand and the carrier of the goods on the other will usually be based on the terms of the contract of carriage. See BILL OF LADING, CARRIAGE BY AIR, CARRIAGE BY RAIL, CARRIAGE BY ROAD, CARRIAGE BY SEA.

CONSIGNMENT. The goods or property sent by a common carrier from one or more persons called the consignors, from one place, to one or more persons, called the consignees, who are in another. By this term is also understood the goods sent by one person to another, to be sold or disposed of by the latter for and on account of the former.

References in periodicals archive ?
Nouveaux sets themselves apart from other consignment stores in Charlotte by their unique, personal approach to consignment.
Negotiations are underway with companies in Pakistan and Sudan to expedite consignments of chilled meat by air cargo.
Film critic Ruth Burgess praised CONSIGNMENT as "a beautiful and ornate puzzle, disguised as a film noir romance," comparing the film's hypnotic quality to that of Mulholland Drive, Donnie Darko, and Stanley Kubrick's The Shining.
ISLAMABAD -- The Indian authorities at Delhi and Mumbai airports stopped the consignments being sent as relief material to the flood victims in Indian Occupied Kashmir.
I Heart Consignment also offers a men's department, as well as new and gently-worn clothes for the entire family, electronics, appliances, quilts, desks, books, clocks, lamps, and more.
The consignment has been loaded from Gulistan in Dhaka and we were informed that readymade garments would there be in the cartons.
The Dubai Court of First Instance convicted the Filipino defendants, aged between 23 and 35, of abusing their office and stealing the consignments from the storage area at the Dubai Cargo Village.
The Electricity Ministry has received the first consignment of electric transformers - 132KV and 133KV, from the Japanese Toyota Company, being part of five other consignments to be received in the forthcoming two months, as part of the Ministry's efforts to settle the electric power and its increase," Mus'ab al-Mudarris told Aswat al-Iraq news agency, adding that "the price of the transformers were paid from the Japanese US$3.
Police in Sheffield, England, in South Yorkshire, said Jahangir Hosseini, 46, and Kayvan Navid, 55, organized three 30-kilo consignments over the past year.
The Swedish Board of Agriculture, which alerted the European Union of the discovery, told Feedinfo News Service that the poultry meal consignment weighed 20.
Tokyo-based Gulliver International, which auctions vehicles and sells them at retail throughout Japan, recently began to market cars on consignment in Torrance.
I have been considering the idea of opening a consignment shop.