407.911. Definitions.
194 words·~1 min read·
/mo/chapter-407/407-911A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
--------
(L. 1989 S.B. 192 § 1 subsec. 1, A.L. 2005 S.B. 211)