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Simple English definitions for legal terms
factorage
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A quick definition of factorage:
Factorage: Factorage is the money paid to someone called a factor for the work they do. A factor is someone who helps sell goods for another person or company. They get paid a fee for their services, which is called factorage.
A more thorough explanation:
Definition: Factorage is the payment made to a factor for their services.
Example: A company hires a factor to sell their products to retailers. The factor charges a factorage fee of 5% of the total sales made. This means that for every $100 in sales, the factor will receive $5 as their compensation.
Explanation: Factorage is a fee paid to a factor, who is a person or company that acts as an intermediary between a seller and a buyer. The factor provides services such as marketing, sales, and collection of payments on behalf of the seller. The factorage fee is usually a percentage of the total sales made, and it compensates the factor for their services.