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LSDefine
Simple English definitions for legal terms
reconsignment
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A quick definition of reconsignment:
Term: Reconsignment
Definition: Reconsignment is when the terms of a shipment of goods are changed while the goods are still in transit. This means that the original agreement about where the goods were going and who was responsible for them is altered. It's like changing your mind about where you want a package delivered after it's already been sent out for delivery.
A more thorough explanation:
Definition: Reconsignment refers to a change in the terms of a consignment while the goods are in transit.
Example: Let's say a company sends a shipment of goods to a retailer on consignment, meaning the retailer will only pay for the goods once they are sold. However, while the goods are in transit, the retailer realizes they won't be able to sell them all and requests a reconsignment, which changes the terms of the agreement. The company may agree to this and redirect some of the goods to a different retailer or warehouse.
This example illustrates how reconsignment can occur when the terms of a consignment need to be adjusted while the goods are still in transit. It allows for flexibility in the agreement and can benefit both parties involved.