16:34
i have a brother named jack, so whenever i see your name im marginally happier than normal
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LSDefine
Simple English definitions for legal terms
commission del credere
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A quick definition of commission del credere:
Commission del credere: This is a fee that a seller's agent receives for making sure that a buyer pays their debt. It's like a guarantee that the buyer will pay what they owe.
A more thorough explanation:
Definition: Commission del credere is a fee paid to a seller's agent for guaranteeing that a buyer will pay their debt.
Example: Let's say a buyer wants to purchase goods from a seller, but the seller is unsure if the buyer will be able to pay for the goods. The seller can hire an agent to act as a middleman and guarantee that the buyer will pay. In exchange for this guarantee, the agent will receive a commission del credere.
Another example: A company wants to sell their products to a new customer, but they are worried about the customer's ability to pay. They hire an agent to act as a guarantor and ensure that the customer will pay for the products. The agent receives a commission del credere for their services.
These examples illustrate how commission del credere works in practice. It is a way for sellers to protect themselves from the risk of non-payment by buyers, and for agents to earn a fee for providing this protection.