Consignment Sale Agreement
"Who bears the risk of loss in a consignment agreement?"
Quick Answer
An agreement where a manufacturer or wholesaler leaves goods with a retailer for sale without transferring ownership. The retailer only pays for the goods that are successfully sold.
Scope and Legal Distinctions
Consignment places goods with another party for sale under an agreed ownership and payment structure. Delivery to the consignee does not necessarily mean a completed sale to that party.
What to Check in Practice
Record stock ownership, insurance, permitted discounts, accounting, settlement and return rights; plan how unsold goods are recovered on insolvency.
Sources & Authorities
Statutory framework and official guidance for this definition.
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