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 ?
It also ordered the submission of documents concerning the consignment and a list of Customs and Health Ministry staff as well as vets who had inspected the consignment.
With an auction consignment, sellers put an item up for auction and agree to have the auction company sell it for them.
We bought different items including medicines, clothes and blankets for flood victims of Kashmir but the airport authorities refused to carry that," a donor, Rashid, whose consignment was stopped at Bangalore airport told media men.
The Goodguys event is a fantastic venue and aligns with our inventory of classic cars, trucks and hot rods that we have on consignment,” says Stephanie Wahl, Marketing Manager at Other Peoples Stuff.
The driver seemed unaware of the smuggled goods and added that he could not even read English to know what the consignments contained.
An Emirati supervisor testified that the management noticed that consignments were missing from the storage area.
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.
The first two consignments made it into Britain undetected.
May 27 2010 -- The Hungarian Agricultural Office, Food and Feed Control Department has detected Salmonella Mbandaka in a consignment of linseed oilcake from Ukraine.
At the moment, (vehicle consignment) is not that common, but a lot of people are starting to pick up on this," said Salzedo, whose firm sells used cars, with about 10 percent of sales from consignments.
Many larger companies, however, are decreasing their consignments, said Jobst.
Leading by example is Palletways, which has committed significant resources and investment to the development of pioneering and customer facing IT systems for the overnight distribution of small consignments of palletised freight.