English definition of Del Credere

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Definition of del credere

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Del credere () An agreement by which an agent or factor, in consideration of an additional premium or commission (called a del credere commission), engages, when he sells goods on credit, to insure, warrant, or guarantee to his principal the solvency of the purchaser, the engagement of the factor being to pay the debt himself if it is not punctually discharged by the buyer when it becomes due..

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Commission :: Commission (n.) The brokerage or allowance made to a factor or agent for transacting business for another; as, a commission of ten per cent on sales. See Del credere..

Del Credere :: Del credere () An agreement by which an agent or factor, in consideration of an additional premium or commission (called a del credere commission), engages, when he sells goods on credit, to insure, warrant, or guarantee to his principal the solvency of the purchaser, the engagement of the factor being to pay the debt himself if it is not punctually discharged by the buyer when it becomes due..