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 ?
CUTLINE: Ashley Troy is the owner of Trunk & Disorderly, a consignment shop on Main Street in Worcester.
Pixa said upscale consignment shops niche is unique items including designer clothes and accessories, boutique clothing like a shopper might find on the Cape, some vintage items, and lots of brand-new clothing and accessories from over-ambitious online or television shoppers and shopaholics.
Consignment shops are prime outlets for getting the best possible price for antiques and collectibles.
Consignment shops, where you can save up to 75%, differ from thrift shops in that the clothing tends to be more upscale, says Barbara Inglehart, co-author of Shopping L.
Conceptually, eBay drop off stores are similar to traditional consignment shops in that they both charge sellers a commission for doing all of the work involved in selling an item.