lilypadfrog
10:43
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
consignor
Read a random definition: London commodity option
A quick definition of consignor:
A consignor is someone who gives their things to someone else to sell. The person who gets the things to sell is called the consignee. The consignor still owns the things until they are sold. After they are sold, the consignee gives some of the money to the consignor. The consignor usually pays for the things to be shipped to the consignee. Consignment can also mean giving things to someone else to keep for you.
A more thorough explanation:
A consignor is a person who delivers goods to another person, called the consignee, for the purpose of selling them. The consignee takes responsibility for selling the goods, but the consignor still owns them until they are sold.
- When a person brings their clothes to a consignment shop, they are the consignor. The shop is the consignee, and they will sell the clothes on behalf of the consignor.
- In a carriage contract, the consignor is the person who sends the goods, and the consignee is the person who receives them. For example, if a company ships a package to a customer, the company is the consignor and the customer is the consignee.
- If a person stores their belongings with a storage company, they may enter into a consignment contract. The person is the consignor, and the storage company is the consignee. The storage company is responsible for storing the belongings, and the person still owns them.
These examples illustrate how a consignor is someone who entrusts their goods to another person or company for a specific purpose, such as selling or storing them. The consignor retains ownership of the goods until they are sold or otherwise disposed of, and the consignee takes responsibility for them in the meantime.
consignment | Consolidated Omnibus Budget Reconciliation Act (COBRA)