consignmentkənˈsaɪn mənt
consignment (n)
- plural
- consignments
consignment
English Definitions:
cargo, lading, freight, load, loading, payload, shipment, consignment (noun)
goods carried by a large vehicle
commitment, committal, consignment (noun)
the official act of consigning a person to confinement (as in a prison or mental hospital)
consignment (noun)
the delivery of goods for sale or disposal
consignment (Noun)
A collection of goods to be sent, in transit or having been sent
consignment (Noun)
The act of consigning
Consignment
Consignment is the act of consigning, which is placing any material in the hand of another, but retaining ownership until the goods are sold or person is transferred. This may be done for shipping, transfer of goods to auction, or for sale in a store. To consign means to send and therefore consignment means sending goods to another person. In case of consignment goods are sent to the agent for the purpose of sale. The ownership of these goods remains with the sender. The agent sells the goods on behalf of the sender, according to his instructions. The sender of goods is known as consignor and the agent is known as the consignee. Features of consignment are: ⁕The relation between the two parties is that of consignor and consignee and not that of buyer and seller ⁕The consignor is entitled to receive all the expenses in connection with consignment ⁕The consignee is not responsible for damage of goods during transport or any other procedure ⁕Goods are sold at the risk of consignor. The profit or loss belongs to consignor only The word consignment comes from the French consigner, meaning "to hand over or transmit", originally from the Latin consignare "to affix a seal", as was done with official documents just before being sent.
Consignment
Consignment is a process whereby a person gives permission to another party to take care of his property and retains full ownership of the property until the item is sold to the final buyer. It is generally done during auctions, shipping, goods transfer, or putting something up for sale in a consignment store. The owner of the goods pays the third-party a portion of the sale for facilitating the sale. Consignors maintain the rights to their property until the item is sold or abandoned. Many consignment shops and online consignment platforms have a set day limit before an item expires for sale. Within the time of contract, reductions of the price are common to promote the sale of the item, but vary on the type of item sold (usually depends on the price point, or if it is considered luxury.)(usually 60–90 days). Consignment stock is stock legally owned by one party, but held by another, meaning that the risk and rewards regarding to the said stock remains with the first party while the second party is responsible for distribution or retail operations.The verb "consign" means "to send" and therefore the noun "consignment" means "sending goods to another person". In the case of "retail consignment" or "sales consignment" (often just referred to as a "consignment"), goods are sent to the agent for the purpose of sale. The ownership of these goods remains with the sender. The agent sells the goods on behalf of the sender according to instructions. The sender of goods is known as the "consignor" and the agent entrusted with the custody and care of the goods is known as the "consignee".
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"consignment." Kamus.net. STANDS4 LLC, 2024. Web. 23 Apr. 2024. <https://www.kamus.net/english/consignment>.
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