WHAT IS CONSIGNMENT?
Consignment is the act of consigning, which is placing any material in the hand of another (i.e. Allen's Auction Centre), but retaining ownership until the goods are sold or person is transferred. This may be done for, 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 or company. In case of consignment goods are sent to the agent (Allen's Auction Centre) 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. The terms of the agreement between the consignor and the consignee are laid out in the consignment contract agreement which is signed by both parties.
A consignor who consigns goods to a consignee transfers possession but not ownership of the goods to the consignee (Allen's Auction Centre). The consignor retains title to the goods. The consignee (Allen's Auction Centre) takes possession of the goods subject to a trust. If the consignee converts the goods to a use not contemplated in the consignment agreement, for example selling them and keeping the proceeds of the sale for himself, then the consignee commits the crime of embezzlement. As a member of the National Auctioneers Association, Matthew Allen and Allen's Auction Centre Ltd. must abide by a strict code of conduct placing ethics at the forefront of all our business practices.
**Contact us today to discuss consigning your items for sale**
Consignment is the act of consigning, which is placing any material in the hand of another (i.e. Allen's Auction Centre), but retaining ownership until the goods are sold or person is transferred. This may be done for, 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 or company. In case of consignment goods are sent to the agent (Allen's Auction Centre) 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. The terms of the agreement between the consignor and the consignee are laid out in the consignment contract agreement which is signed by both parties.
A consignor who consigns goods to a consignee transfers possession but not ownership of the goods to the consignee (Allen's Auction Centre). The consignor retains title to the goods. The consignee (Allen's Auction Centre) takes possession of the goods subject to a trust. If the consignee converts the goods to a use not contemplated in the consignment agreement, for example selling them and keeping the proceeds of the sale for himself, then the consignee commits the crime of embezzlement. As a member of the National Auctioneers Association, Matthew Allen and Allen's Auction Centre Ltd. must abide by a strict code of conduct placing ethics at the forefront of all our business practices.
**Contact us today to discuss consigning your items for sale**