Consignment definition
When you give someone an item to sell and you agree to get paid only after the item has been sold, this is an example of a time when you sell the item on consignment.
- With the provision that payment is expected only on completed sales and that unsold items may be returned to the one consigning:The retailer accepted the shipment on consignment.
- shipped or turned over to a dealer for sale, with payment to the owner to follow the sale