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Title XXVI TRADE AND COMMERCE

Chapter 407

Effective - 28 Aug 2005 bottom

  407.911.  Definitions. — As used in sections 407.911 to 407.915, the following terms mean:

  (1)  "Commission", compensation accruing to a sales representative for payment by a principal, the rate of which is expressed as a percentage of the dollar amount of orders or sales, or as a specified amount per order or per sale;

  (2)  "Principal", a person, firm, corporation, partnership or other business entity, whether or not it has a permanent or fixed place of business in this state, and who:

  (a)  Manufactures, produces, imports, provides, or distributes a product or service for sale;

  (b)  Contracts with a sales representative to solicit orders for the product or service; and

  (c)  Compensates the sales representative, in whole or in part, by commission;

  (3)  "Sales representative", a person, firm, corporation, partnership, or other business entity who contracts with a principal to solicit orders and who is compensated, in whole or in part, by commission, but shall not include a person, firm, corporation, partnership, or other business entity who places orders or purchases for its own account for resale.

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(L. 1989 S.B. 192 § 1 subsec. 1, A.L. 2005 S.B. 211)


---- end of effective   28 Aug 2005 ----

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