A vendor may choose to sell its goods on a consignment basis. In a consignment transaction, the vendor, as consignor, delivers goods to the buyer, as consignee. The consignee then either holds the goods for sale or uses the goods to manufacture a finished product. As a general rule, the consignor retains title to its consigned goods, and does not record a sale of the goods until the consignee has either sold or used the goods. A consignment agreement should contain all of the necessary terms and conditions to protect the consignor's interest in the consigned goods. Consignments are also governed by each state's Uniform Commercial Code (UCC). UCC Article 9 deals with most consignment transactions. Furthermore, UCC Article 9 allows a consignor to file a UCC financing statement on its own,...
In a tolling arrangement, a vendor usually supplies raw materials to a commodity processor for conversion into finished product. The processor then delivers the finished or partially finished product to the supplier, or the supplier's designee, and charges the supplier a fee for the processor's services. In a consignment, the consignor retains title to the goods that were delivered to the consignee. The consignment terms are frequently governed by a written agreement between the consignor and consignee. A bailment is a delivery of goods by the owner, the bailor, to another party, the bailee, for some express purpose. After fulfilling this purpose, the bailee is obligated to return the goods to the bailor or dispose of the goods according to the bailor's instructions. Suppliers operating...
... the specific prior authority of the consignor. A commission merchant is not authorized to sell c..., the parties should reach a definite agreement on the amount of the commission and other charges ...
...527. . Petitioner was the consignor upon through bills of lading of a number of rail s... no plausible reason is advanced why an agreement by the consignor to pay a part of the lawful charg...
... the animal to the consignee, unless the consignor guarantees in writing the payment of all transport..., in accordance with the written agreement required in paragraph (a) of this section and shal...
...By agreement between the parties, however, the purchase may be ... guarantees that the net proceeds to the consignor shall at least equal the amount so advanced, and t...
... the charges are allowed by law and the agreement between the consignor and carrier. . MISC. Histori...
... comply with international arms control agreements. Buyer. The principal in the export transaction th...Delivery of goods from a USPPI (the consignor) to an agent (consignee) under agreement that the ...
The following list of definitions will assist you with the legal language.
...AGREEMENT - A meeting of two or more minds; a coming togethe... of goods to another to sell for the consignor. A bailment for sale. CONTRACT - A contract is an...
Bankruptcy Code Section 503(b)(9) has seen more than its fair share of litigations just over the past several months, as reflected in the articles on Section 503(b)(9) that have appeared in recent issues of Business Credit. While Section 503(b)(9)'s requirements sound rather simple, that has not stopped debtors and trade creditors from litigating many of its seemingly straightforward terms. Erving Industries, Inc (Erving) filed Chapter 11 on Apr 20, 2009. On Jul 2, 2009, the Massachusetts bankruptcy court approved an order that set Aug 7, 2009 as the last day for creditors to file their Section 503(b)(9) "20-day goods" administrative priority claim. As is becoming apparent from the Erving Industries and Circuit City decisions, and all the other recent court decisions dealing with Sectio...
... also found nothing in Constellation's agreement with Erving supporting Constellation's provision o...A consignor of goods in a consignment transaction typically re...
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