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Kentucky Revised Statutes Title XXX. Contracts § 371.370.Definitions for KRS 371.375 to 371.385

Current as of January 01, 2025 | Updated by Findlaw Staff

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.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title XXX. Contracts § 371.370.Definitions for KRS 371.375 to 371.385 - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-xxx-contracts/ky-rev-st-sect-371-370/

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