consignment

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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 ?
Coach and Prada bags, practically brand-new prom dresses, sassy skirts for spring and perfectly pleated pants are coming out of closets everywhere and into upscale consignment stores.
Supply of pipeline technical equipment for drinking water supply and Abwasserbeseitgung into subsets as year contract with the option of one year extension and running a consignment store on the premises of the TWA Saalfeld-Rudolstadt.
It is procured by Parts 1 and 2 as well as the establishment of a consignment store when business conditions are specified in Annex 9 of the tender dossier - agreement on the establishment and operation of a consignment store.
Up & Coming Consignment Store located on busy main highway 41 in Sarasota
Transport contract consignment store establishment of sutures acquisition - that the required quantities - without the unit price or other terms of the contract amendment - may differ from minus 30%.
Delivery consignment store construction contract with suture purchase - the fact that the required quantities - no change in the unit price or other terms of the contract - Contracting differ minus 30%.
If you earn $7, $8, or even $9 an hour, you're not buying new clothes anyway; you're going to Goodwill or consignment stores.
PostNet, The UPS Store), mail and parcel centers college and university book stores, auction consignment stores (eBay Trading Assistants), and self-storage centers.