![]() Concept 1 - Meaning of Consignment Consignment is dispatched of goods by one person (or firm) to other person (or firm) on the basis that goods will be sold by the latter on behalf of and at the risk of the former in consideration of commission. The person sending the goods is called cal led the ‘Consignor’ and the person to whom the goods are sen s entt is called the ‘Consignee’. ![]() ![]() The legal relation between the consignor and the consignee is that of principal and agent. Consignor remains the owner of the goods until the goods are sold by the consignee to the final customer. The consignee receives sale proceeds and pays expenses on be½ of the consignor. Concept 2 - Parties of Consignment Consignor: The person who is sending the goods (principal) Consignee: The person who receives the goods and sends them on commission basis. Concept 3 - Difference between Consignment and Sale Basis Consignment Sale The process whereby one person Transfer of goods or property by seller to 1. Definition (consignee) sell goods on be ½ of other buyer for a price. in case In sale, goods goods may be delivered at a later of consignment. It is of consignor since risk follows Ownership. Goods can be retuned by the consignee if remained unsold. Consignee receives commission on sale of goods. Three core technologies of Hanvon have been unveiled in CEBIT, and highly sough Recently, the news came from the just-concluded top international event-the CeBIT of 2016 in. Goods can be returned except in case of breach of condition of sale. Hanvon Face Go granted two innovative patent from USA Hanwang Technology (Hanvon, 002362), a world leader of providing Handwriting Recognition, OCR (Optical Character Rec. Buyer does not receive any commission.Ĭoncept 4 - Types of Commission 1. Ordinary Commission – It is remuneration of the consignee relating to services performed in connection with the selling of goods on be½ of consignor. It is usually calculated as an agreed percentage on gross proceeds of sale. Besides the normal commission, Consignee may be allowed following commission also. Del-Credere Commission – It is additional commission paid by the consignor to the consignee for bearing the loss on A/c of bad debts in case of credit sale of consignment stock. Thus where the consignee gets del -credere commission, he guarantees the payment from consignment debtors. Del Credere commission is also paid, generally, at fixed percentage of the gross sale proceeds. ![]()
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