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 ?
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.
He said that another merchant vessel Hong Yaun containing another batch of unfit Soybean consignment had been present at Port Qasim in Karachi as it is strongly feared that this consignment would again be released by the DPP in the coming day in total disregard to the lab reports indicating serious defects and diseases in the Soybean sample.
Therefore Kebs cannot with certainty tell whether the fertiliser currently held at a warehouse in Mombasa is the same consignment from which samples were taken on January 24 and re-sampled on February 15 last year.
The consignment which was cleared at the Apapa port in Lagos from Thales Group of France included: MES1 1400A power supply modules, control units and other critical units that would be used by NAMA engineers to effect repairs on any of the nine TRACON installations across the country as may be required to ensure optimal functioning of the system.
After linking the consignments of drugs from both airports, NCA officers began an investigation.
The National Bureau of Fish Genetic Resources (NBFGR), upon testing the consignment confirmed that the samples drawn from the export consignment contained the species of sharks, restricted for exports.
In this regard, Department of Plant Protection worked together with REAP to uproot the Khapra Beetle problem in rice consignment.
Out of the 2,550 consignments, 13 - seven vegetable consignments and six of fruits - weighing 295 tonnes were re-exported.
"MoFA should again check the authenticity of all provided exemption certificate as one embassy of the Middle East, to clear its consignment had not only provided the fake exemption letter, but also presented inaccurate details, saidsources.Upon checking, it was revealed that relevant embassy had put a fake stamp of the MoFA on the certificate, they said, adding that the department had also confiscated the cars brought in that consignment.
One wheat consignment was purchased from ADM at $207.08 a ton c&f.
Colombo, May 28 -- The Pakistani cargo plane brought the 3rd consignment of relief good containing medicine, raincoats, rain boots, mosquito replants, shelters and tents which were identified by the Sri Lankan authorities as immediate requirements for the flood victims.
Acworth, GA, February 12, 2016 --(PR.com)-- Woodstock Antiques & Consignment will host four local authors for an afternoon of book talks, sales and signings.