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
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005

Commission

A formal written assignment for a work of art or architecture, for which the designer is paid.
Illustrated Dictionary of Architecture Copyright © 2012, 2002, 1998 by The McGraw-Hill Companies, Inc. All rights reserved
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Birnbaum's solution calls on regulators to hire an independent consultant to report on the issue, review rate and form model laws, and create greater transparency with disclosure of all agent and broker fees and commissions.
As for Susan Stroman, the show's director and choreographer, her union's exec director, Barbara Hauptman, says the broker fee is a commission, "such as a theater-party commission," which is allowed as a deduction under the Society of Stage Directors & Choreographers' contract with the League of American Theaters and Producers.
The speakers also touched upon the broker's perspective, provided an indepth look at how risk managers can determine broker fees, and furnished some general advice on the risk manager/broker relationship.
Then he complains about broker fees. The receptionist says, "Good advice costs money."
The hefty broker fees are supposedly justified because the agent should be acting as a fiduciary for his client.
On Tuesday, June 11 at 10am at City Hall, we have a one-time only opportunity to tell our City Council not to pass legislation that would cap certain rental broker fees.
In addition, broker fees may be subject to specific state insurance regulatory restrictions.
16) to protest against continued illegal broker fees despite an amendment to the labor law in 2016, reported UDN.
And remember, you also have to account for bank fees, broker fees, government fees as well as the regular cost of home maintenance.
(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.
Specifically, MRB claimed the lender ignored blemished credit and payment histories, approved loans with debt-to-income ratios that exceeded the Department of Housing and Urban Development's (HUD's) requirements and allowed borrowers to be charged improper broker fees, according to a press release.