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 ?
In addition, broker fees may be subject to specific state insurance regulatory restrictions.
(6) In the settlement between DOJ and AIG, the United States DOJ contended "that Defendants engaged in a pattern or practice of discrimination on the basis of race or color by allowing wholesale mortgage brokers to charge higher direct broker fees to African-American borrowers than to white borrowers for loans originated and funded by AIG FSB and/or WFL." The Defendants denied all allegations and claims of discrimination, but in order to avoid the extensive costs of litigation, entered into a voluntary settlement that cost AIG $1 million for credit counseling programs and up to $6.1 million for any aggrieved person who may have suffered damages.
The basic statistical approach to pricing allegations outlined here--with regressions as the mainstay analytical tool--also holds for broker fees, steering and loan denials, although there are important conceptual distinctions.
Although the Web site may apparently be characterized as a CLO if listed services are being performed via the site, it may be more appropriate to analyze the services under the Broker Fee Statement and the IBAA Test rather than under the CLO Statement.
"Renters now get to comfortably expect a lot more from the rental market--lower application fees, lower broker fees, stable deposit circumstances, as well as predictable upfront rent costs.
In 2017, the company sold 441,000 common shares at a weighted average price of $64.48 per share, net of broker fees, pursuant to an at-the-market common stock offering.
Fees-while not all stock funds charge the same range of fees, these fees are usually much more than broker fees as there are costs involved in managing funds.
For consulting, arranging and executing the charter arrangement with operating companies, or companies that actually own and manage the aircraft, brokerages add their in house mark ups, broker fees and hidden costs.
Q Can I claim back old broker fees on loans and mortgages (similar to the PPI system)?
Currently, Park's distressed assets consist of USD25.8m in unpaid principal balances on loans secured by single-family, multi-family, and commercial real estate and Other Real Estate Owned (OREO), which will be sold net of broker fees at a 30.1 percent discount to UPB.
Average broker fees in such transactions are 2 per cent of the property value, though these could also go up to 4 per cent.