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Commercial Law
Body of law that regulates the
rights, conduct, and relations of people and
businesses engaged in public commerce.
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Commercial Paper
Unsecured debt promissory
note issued by businesses for short-term
liabilities.
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Commission
1. The compensation of an agent or broker when
calculated as a percentage of the amount of
the transaction or the profit to the principal.
2. An allowance to a sales representative or
agent for services rendered.
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Commission Merchant
An agent or broker who
buys or sells goods for others in return for a
commission.
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Commitment Authority
CANADA The authority
delegated to appropriate officers to confirm
before a commitment is entered into that
there is a sufficient unencumbered balance to
discharge such commitment.
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Commodity
1. A marketable item produced to fulfill a need
or want; may reference both goods and
services.
2. A primary agricultural product or raw material
that must meet specified minimum standards
to can be bought and sold in broad
commerce.
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Commodity Classification
The schema that
identifies commodities according to type,
class, size, composition, or manufacturer.
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Commodity Code
A standard classification
system to categorize a marketable item
produced to fulfill a need or want; references
both goods and services. See Also: NIGP
Commodity/Service Code.
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Commodity Group
A grouping of related items,
all of which can be further broken down into
additional commodity classes within the
commodity group.
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Commodity Rate
A published tariff applicable to
the shipment of a specific commodity in large
quantities between selected geographical
points. See also: Class Rate.
