Maine Revised Statutes Title 10 Sec. 1341 – Definitions
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As used in this chapter, unless the context otherwise indicates, the following terms have the following meanings. [PL 1991, c. 296 (NEW).]
1. Commissions. “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.
[PL 1991, c. 296 (NEW).]
Terms Used In Maine Revised Statutes Title 10 Sec. 1341
- 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. See Maine Revised Statutes Title 10 Sec. 1341
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Principal: means a person, partnership, corporation or other business entity that does not have a permanent or fixed place of business in this State and that:
A. See Maine Revised Statutes Title 10 Sec. 1341Sales representative: means a person who:
2. Principal. “Principal” means a person, partnership, corporation or other business entity that does not have a permanent or fixed place of business in this State and that:
A. Manufactures, produces, imports or distributes a product for wholesale; [PL 1991, c. 296 (NEW).]
B. Contracts with sales representatives to solicit orders for the product; and [PL 1991, c. 296 (NEW).]
C. Compensates the sales representative, in whole or in part, by commission. [PL 1991, c. 296 (NEW).]
[PL 1991, c. 296 (NEW).]
3. Sales representative. “Sales representative” means a person who:
A. Contracts with a principal to solicit orders for the purchase at wholesale of the principal’s product; [PL 1991, c. 296 (NEW).]
B. Is compensated, in whole or in part, by commission; and [PL 1991, c. 296 (NEW).]
C. Does not place orders or purchase for that person’s own account or for resale. [PL 1991, c. 296 (NEW).]
[PL 1991, c. 296 (NEW).]
SECTION HISTORY
PL 1991, c. 296 (NEW).