CONSIGNOR Meaning and
Definition
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A consignor is an individual or entity that entrusts or transfers the ownership of goods, products, or merchandise to another party, known as the consignee, for the purpose of selling or distributing the items on behalf of the consignor. In such a transaction, the consignor remains the legal owner of the goods until they are sold, and the consignee acts as an agent who sells the items on consignment.
The consignor is responsible for preparing and delivering the goods to the consignee, typically taking into account factors such as quantity, quality, and condition. Prior to the transfer of goods, the consignor may establish terms and conditions, including pricing, payment terms, and the length of time the consignee has to sell the items. These details are usually agreed upon through a written consignment agreement.
One advantage for the consignor is that they retain ownership of the merchandise until sold, reducing the risks associated with unsold inventory. In return, the consignee benefits from receiving a percentage of the sale price as a commission or fee for their services.
In summary, a consignor is an individual or business entity that supplies goods to a consignee for sale or distribution, with the consignor maintaining ownership until the items are sold. This arrangement provides an opportunity for both parties to collaborate in a mutually beneficial manner, sharing the risks and profits associated with selling the consigned products.
Top Common Misspellings for CONSIGNOR *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for CONSIGNOR
Etymology of CONSIGNOR
The word "consignor" originated from the Latin word "consignare" which means "to seal" or "to put a seal on". In the context of shipping and commerce, "consignare" referred to the act of sealing goods or putting a seal on them for shipment or delivery. Over time, it evolved into "consignor" in English, referring to a person or entity that sends or delivers goods for shipping or sale.
Similar spelling words for CONSIGNOR
- quinceanera,
- consist in,
- cancioneiro,
- consign,
- consist,
- consigner,
- canzoneri,
- consistory,
- cancionero,
- consignment,
- Consiglio,
- consignee.
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