“We have to become more agile as our clients' expectations and requirements change. The only thing we know is that tomorrow is going to be different and we must be prepared. With LexisNexis, I feel more confident of that we're ready every time.”
Wolverhampton County CouncilAccess all documents on Consignee
Scope and purpose This Practice Note is intended to aid the review and/or negotiation of a consignment stock agreement, and sits alongside the Precedents: Consignment stock agreement—pro-customer and Consignment stock agreement—pro-supplier. Under a consignment stock set-up, the seller of goods (the consignor) places a stock of goods with the buyer (the consignee) while retaining title until the point the buyer takes or appropriates items for its own use. The buyer typically keeps the seller’s stock on its own premises and may draw on it as needed. This differs subtly from a standard supply on retention of title terms: with consignment stock (absent contrary wording), no contract of sale for identified consigned goods arises until the buyer appropriates them from the stock for use, whereas in a typical supply the contract usually exists before delivery Types of consignment stock arrangement Consignment stock arrangements can arise in various settings. They are particularly useful where an uninterrupted supply of the relevant goods is so critical to the buyer that it...