commission

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commission

1. a government agency or board empowered to exercise administrative, judicial, or legislative authority
2. 
a. the authority given to a person or organization to act as an agent to a principal in commercial transactions
b. the fee allotted to an agent for services rendered
3. US the head of a department of municipal government

Commission

A formal written assignment for a work of art or architecture, for which the designer is paid.

Commission

 

in civil law, a contract according to which one party (the commission agent) is obligated by the commission of another party (the principal) to conclude a transaction (or several transactions) with a third person in his own name and for compensation but in the interests of and at the expense of the principal. Commissions are most common in contracts of selling and buying. Acting in his own name, the commission agent must execute all obligations and realize all rights for the transactions concluded and then turn over to the principal all property received and also all rights in relation to the third person. The agent must be guided by the principal’s instructions; he has the right to deviate from them only in cases where this is called for by the principal’s interests and where the agent was unable to ask the principal in advance or did not receive an answer from him in time. The commission agent is not responsible to the principal for the third party’s performance in the transaction once it is concluded, except in cases where he assumes a special guaranty (del credere).

The commission agent has the right to receive compensation from the principal for performance of the commission. The size of the compensation is determined by agreement of the parties if no other amount has been established by law. In addition, the principal must reimburse the agent for all expenses incurred by him. The agent may take all these sums from the money received by him on behalf of the principal.

In the USSR the commission contract is controlled by the Basic Principles of Civil Law of the USSR and the Union Republics of 1961 and by the civil codes of the Union republics. According to Soviet law, socialist organizations that enjoy the rights of a legal person may act as commission agents if their charters envision such functions. For example, consignment stores carry out the commissions of citizens, based on commission contracts, to sell consumer goods and motor vehicles; consumer cooperative organizations sell farm products on commission from kolkhozes; marketing organizations carry out commissions from enterprises to sell surplus and unused materials and equipment; and foreign trade organizations are commissioned by socialist organizations to purchase goods abroad to be imported.

References in periodicals archive ?
From September 2010 to June 2013, Fast Easy Loans Pty Ltd (Fast Easy) acted as the broker for a related lender, Easy Finance Loans Pty Ltd (Easy Finance), and unlawfully charged consumers a brokerage fee in excess of certain state and territory interest rate caps.
38 billion in year-to-date insurance brokerage fee income through the third quarter, up 5.
A softening commercial property/ casualty market, sporadic decreases in contingent commissions and the complete removal of annuity commissions not earned via securities units from insurance brokerage fee income totals also slowed growth.
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The "Insurance Fee Income Report" by Michael White Associates says insurance brokerage fee income dropped fell to $6 billion for the year.
Those banks produced close to $7 billion in insurance brokerage fee income last year.
At that time, Glenwood and others switched to paying only half a month's brokerage fee, and within the last year, have stopped paying completely.
SNI will receive a brokerage fee per transaction, which, because of its streamlined nature, will save the installer time and money on each project.
Solomon also managed to get the lender to guarantee payment of the brokerage fee and the deal was nominated for the Real Estate Board's "Most Ingenious Deal Award.
72 billion in insurance brokerage fees in Q1 of this year, down $90 million from the same period in 2012.
Inventory is high because office building conversions have flooded the market, so renters are benefiting from landlords and developers who are providing free rent and payment of brokerage fees to move units.
7 billion in residential real estate brokerage fees in 2005.