CONSIGNMENT

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.

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consignment

Noun

  1. A collection of goods to be sent, in transit or having been sent
  2. The act of consigning


The above text is a snippet from Wiktionary: consignment
and as such is available under the Creative Commons Attribution/Share-Alike License.

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