Commission agent
Commissioner is the term for an independent businessman (Austrian law: entrepreneur ) who buys or sells goods ( commodities ) or securities in his own name, but for another account (against commission ) (see commission business ).
After the execution transaction has been concluded, the commission agent has the following obligations in accordance with Section 384 (2) HGB or Austrian UGB :
- He must give the principal the necessary information and give an account of the execution transaction as well as name the person of the third party.
- He must give the principals give out all he received for carrying out the Commission ( § 675 , § 667 BGB ) and from the agency has achieved (§ 384 HGB). The purchasing agent has to transfer ownership of the purchased goods to the principal or to assign the right to transfer and to return an unused purchase price advance. The sales commission agent must transfer the money received to the principal, if he has received it in cash, in accordance with Section 929 of the German Civil Code (BGB) or assign the purchase price claim that has not yet been fulfilled against the third party in accordance with Section 398 of the German Civil Code. He has to transfer back ownership of unsold goods.
A special form of commission business in foreign trade is consignment , the sending of goods ready for sale to the commission agent, who in this case is called the consignor, with the order to sell these goods as a consignment warehouse for the account of the consignor.
Since the commission agent is purely order-related , he has no storage risk .
