371.370 Definitions for KRS 371.375 to 371.385.

177 words·~1 min read·/ky/chapter-371/371-370

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

As used in KRS 371.375 to 371.385, unless the context otherwise requires:

(1)"Commissions" means compensation accruing to a sales representative for payment

by a principal, the rate of which is expressed as a percentage of the amount of

orders or sales or as a specified amount per order or per sale.

(2)"Person" means an individual, corporation, partnership, association, estate, or trust.

(3)"Principal" means a person who does not have a permanent or fixed place of

business in this state and who:

(a)Manufactures, produces, imports, or distributes a tangible product for

wholesale;

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

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

(4)"Sales representative" means a person who:

(a)Contracts with a principal to solicit wholesale orders;

(b)Is compensated, in whole or in part, by commission;

(c)Does not place orders or purchase for his own account or for resale; and

(d)Does not sell or take orders for the sale of products to the ultimate consumer.