59.1-455 - Definitions.

§ 59.1-455. Definitions.

As used in this chapter, unless the context requires a different meaning:

"Commission" means compensation accruing to a sales representative forpayment by a principal, the rate of which is expressed as a percentage of thetotal dollar amount of orders or sales or as a specified amount per order orper sale.

"Principal" means a person who manufactures, produces, imports ordistributes a product for wholesale and who contracts with a salesrepresentative to solicit orders or sales for such product and compensatesthe sales representative, in whole or in part, by commission.

"Sales representative" means a person other than an employee who contractswith a principal to solicit wholesale orders or sales and who is compensated,in whole or in part, by commission, but shall not include a person whopurchases exclusively for his own account for resale.

(1993, c. 736.)