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 ?
The model presented in this work not only combines the facility location of consignment stores and the assignment problems of stores, suppliers, and customers but also takes into account capacity of logistic resources.
Section 2 presents a literature review, which systematically summarizes the research background of supply chain, consignment stores, and black hole optimization.
Since our study embraces several related research streams, namely, supply chain management, consignment stores, and black hole optimization, we provide a brief review on each stream before to elaborate the model, algorithm, and solution.
There has recently been an increased interest in performance analysis of supply chains [1-14] and some recent analysis has been targeted specifically towards the integration of consignment stores into supply chain processes [15-21] and optimization with metaheuristics based on swarming algorithms [22-40], especially black hole optimization.
Research on Consignment Stores. There is a great body of research dealing with consignment policies, consignment stores, and consignment strategies.
This result indicates the scientific potential of this research field including the problems of supply chain, consignment stores, and heuristic optimization.
The aim of this paper is to investigate the effect of location of consignment stores on the performance of the whole supply chain.
The model framework of the consignment-store-based supply chain is a two-level supply chain including suppliers, consignment stores, and customers (Figure 1).
The first part of the cost function (2) includes the sum of transportation costs among suppliers and consignment stores, the warehousing costs, and the manufacturing costs of all suppliers.
The second part of the cost function (2) includes the transportation costs from consignment stores to customers and the purchasing costs of products.