Common use of Delivery and Passing of Risk Clause in Contracts

Delivery and Passing of Risk. 4.1. The risk of loss or damage shall pass to the buyer at the latest upon delivery of the ordered goods to the place of destination named by the buyer (“Place of Destination”). If delivery is delayed due to circumstances within the buyer’s reasonable control, the price risk shall pass to the buyer at the date of notification of readiness for dispatch. Without prejudice to its other rights, Xxxxxxx shall be entitled to bill the warehousing costs commencing one month following the notification of readiness to deliver, and to dispose of the goods at its own discretion provided that a reasonable grace period notified in writing to the buyer announcing the intention to dispose of the goods has expired without buyer taking delivery within such period of time.