371.370 Definitions for KRS 371.375 to 371.385. 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) Manu factures, 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 represen tative' 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 fo r the sale of products to the ultimate consumer. Effective: July 15, 1988 History: Created 1988 Ky. Acts ch. 167, sec. chase for his own account or for resale; and (d) Does not sell or take orders fo r the sale of products to the ultimate consumer. Effective: July 15, 1988 History: Created 1988 Ky. Acts ch. 167, sec. 1, effective July 15, 1988.
Kentucky Legal Code