consignment


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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 ?
The consignment agreement is an agreement named because it is provided and regulated by art.
Enter into a properly written consignment agreement with the customer.
Thirdly, manifests also recorded the name of the person assuming financial responsibility and at whose risk the consignment was being made.
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Shaikh Nasser hailed the Bahraini government's support to RCO as well as the efforts of the Bahrain Olympic Committee in delivering the consignments to Gaza.
Custom officials said they had received some information before hand, which is why they were easily able to recover the consignments.
com, or visit the Back to the Rack Consignment Facebook page and become a fan.
The first consignment of flood relief sent by Sri Lanka reached Islamabad on 8th August 2010.
He added: "The oilcake consignment was not detained.
A supplier and a manufacturer entered into a consignment agreement where the supplier consigned raw stainless steel plate to the manufacturer.
Other problems are the "lack of cross-referencing with furniture" and tracking consignments creates a "bookkeeping nightmare.
It will also buy your used equipment for cash on the spot or will enter into a consignment agreement with you to sell it for what you think it's worth.