Wholesale Market Company
Busan International Fish Market > Distribution Employees > Role of Distribution Employees > Wholesale Market Company
Definition and Roles
Wholesale Market Company lists entrusted Fisheries products, as proxy of selling them to intermediary wholesaler or designated bulk buyers, and it shall not do the sales other than in Wholesale Market, and consequently plays a speaker for forwarder's profit for the higher price it receives for the entrusted
Fisheries products, the higher its commission income gets.
The Observance of the Rules for Entrusted Sale (The Law, Articel 31)
- The wholesale that Wholesale Market Company executes shall perform, trusted by forwarder.
※ Exceptions of Entrusted Sale (Enforcement Regulations Article 26)
- 01In case of the Minister of Food, Agriculture, Forestry and Fisheries purchases
- 02In case of wholesale, after buying up from Wholesale Market Company or Market wholesaler
- 03In case of purchase from another wholesale market with permission of the establisher
Prohibition of Refusal of Trust and Sale and unjust discrimination (The Law, Article 38)
- Wholesale Market Company shall not refuse or evade the trust of arrived Fisheries products or the sale of entrusted Fisheries products, or not treat transaction-related persons with unjust discrimination without any justifiable reasons.(The Law, Article 38)
Immediate Money Payment (The Law, Article 41)
- Wholesale Market Company shall pay the whole amount of money to forwarder immediately when the entrusted Fisheries products is sold, however, if there is a special contract regarding payment method of the money between Wholesale Market Company and forwarder, it precedes.
※ If Wholesale Market Company didn't pay the money within the payment due date, the interest rate from the passing date over the due date to the actual payment date for the unpaid amount delay penalty corresponding to the interest by commercial The Law, in addition to the legal rate of interest. (Busan Metropolitan City Fisheries Wholesale Market Operation Ordinance Article 47)