§1341. Definitions
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).]
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).