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

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 ?
Sales staff are always on hand to help with interior design and discuss consignment options.
He further said that Chief Collector (Appraisement South) Abdul Rashid Sheikh, along with Chaudhry Muhammad Javaid, Collector of Customs Port Qasim inspected the subject consignment. The chief collector issued instructions to the collector to immediately lodge FIR of the case and to apply modern IT tools for tracking container trail to apprehend the culprits.
CUTLINE: Margo Meyer (left) and Emily Burns outside Back to the Rack Consignment, 65 Plain St., Clinton.
The first consignment of flood relief sent by Sri Lanka reached Islamabad on 8th August 2010.
The next ten consignments from this manufacturer in Ukraine will be sampled and tested for Salmonella spp."
This importer was one of several who pointed out that rugs on consignment are priced high, in part to cover the cost of the lease.
In a consignment transaction, the seller, known as the consignor, retains title to the goods that were delivered to a prospective purchaser, the consignee, The consignor and consignee are frequently parties to a consignment agreement that contains the terms of the consignment arrangement.
WeeUsables Consignment Event garnered a total of $5,061 in sales from the March 16th, 2019 Stuff-a-Bag fundraiser at Franklin & Marshall College.
The employee, a logistics officer, allegedly diverted the consignment to Eastleigh, Nairobi, where he rented a store at Mabruk House and kept them.
He said that there were recent instances where the import consignments brought to port in Karachi contained defective and infected Soybeans of such low quality that they should not be given permission to move into Pakistan for edible oil production.
KARACHI -- The Pakistan Navy on Friday announced seizing a consignment of liquor near Ormara coast in Balochistan.
The Nigerian Airspace Management Agency (NAMA) has taken delivery of another consignment of critical spare parts required for the continuous service and operation of the $65million worth Total Radar Coverage of Nigeria (TRACON).