Place goods on consignment

Consignment Contract

A consignment agreement is a legal document used when the seller (consignor) wishes to place goods on consignment before they are resold or used by the buyer (consignee). Goods will be stored at a facility or warehouse, under the control of the consignor, the consignee, or a third party. Title to the consigned goods remains with the consignor until it passes to the consignee on the happening of a specific event, which may be the onward sale to the consignee's customer, the removal of the consigned goods from the warehouse or consignment stock space at the facility, or when the consignee uses the goods.

What to watch out for

  • The consignment agreement should specify the duration of the consignment arrangement, as well as the terms under which the arrangement may be terminated by either party.
  • The agreement should also identify the location where the consigned goods will be stored, and who will have control over the goods while they are in storage.
  • The agreement should specify the event or events that will trigger the transfer of title to the consigned goods from the consignor to the consignee.
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    Relevant Contract Types

    🀝 Consignment agreement

    A consignment agreement is a contract between a consignor and a consignee that sets out the terms and conditions of the consignment arrangement. The agreement should include the names and addresses of the parties, the date of the agreement, the nature of the consignment, the consignment period, the consignment fee, and the terms of payment.

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