Asiento

Asiento ( span. Seat agreement, particularly supply contract) called between the 16th and 18th centuries, an agreement between the Spanish crown and either a private individual or a company , by which the crown to the contracting party for a specified period, the management of a particular trade good as Leased monopoly . The Asiento became particularly important for the economy of the Spanish colonies in America , since it secured or was intended to secure fixed income for the crown and the supply of certain goods to the areas, while the risk of trade lay with the contractual partner.