Common use of Ownership and risk Ownership of Goods Clause in Contracts

Ownership and risk Ownership of Goods. 4.1 Ownership of the Goods (including any replacement goods) passes to the Buyer on the date the Buyer has paid the Charges for those Goods and has the Goods. The Buyer agrees that until ownership passes to the Buyer, all Goods supplied and any proceeds from sale of the Goods are held (as bailee or otherwise) by the Buyer for, and on behalf of the Supplier and the Buyer shall store the Goods and equipment in such a way that they are identifiable as the property of the Supplier. The Buyer consents to the Supplier securing or registering the Sup- plier’s interest in the Goods until such time as the Buyer has paid for the Goods in full and if required by the Supplier to do so, the Buyer shall take any such steps as the Supplier may deem necessary to assist with this. For the avoidance of doubt this includes but is not limited to, the Supplier registering the Supplier’s interest pursuant to the Personal Property Securities Act 1999 NZ and the Personal Property Securities Act 2013 Samoa (and/or equivalent enact- ments in Tuvalu and Kiribati). 4.2 Risk in the Goods passes to the Buyer on the date those Goods have been delivered to the Delivery Address. The Supplier shall however continue to insure the Goods for the period until delivery to the Final Destination and the Buyer shall be entitled to the benefit of such insur- ance except where the Goods are damaged due to a lack of care by the Buyer or its agents in the delivery of the Goods to the Final Destination. 4.3 Ownership and risk in any Goods rejected by the Buyer under clauses 3.4 to 3.5 will pass back to the Supplier as follows: a) If the Buyer has paid the Charges for those rejected Goods, once the Supplier has pro- vided a refund, credit or replacement in accordance with clause 3.5, and b) In all other cases, when the Goods are collected from the Delivery Address. 4.4 Ownership of any Goods to be replaced by the Supplier under clauses 3.6 and 3.7 will pass back to the Supplier once the Supplier has delivered the replacement goods.