Common use of Ownership Retention Clause in Contracts

Ownership Retention. 22.1 Nilimedix retains the ownership of all products delivered to the Distributor to secure payment of all amounts due under this agreement. The ownership shall terminate upon receipt of payment in full of Nilimedix invoices. 22.2 If Distributor fails to pay any amount when due, Nilimedix will have the right to repossess and remove all or any part of the products, that haven’t been paid for. Any repossession or removal will be without prejudice to any other remedy or rights of Nilimedix under this agreement. 22.3 Furthermore, on Nilimedix’s first request Nilimedix shall have a right of pledge over the products in possession of Distributor in order to secure the prompt and full payment of the outstanding invoices. Nilimedix shall register this pledge as appropriate. 22.4 Any legal action of third parties to products mentioned in this article, are to be made known to Nilimedix at once. 22.5 Distributor agrees not to secure products which have not been paid for in full in its possession as collateral for the benefit of third parties.

Ownership Retention. 22.1 23.1 Nilimedix retains the ownership of all products delivered to the Distributor to secure payment of all amounts due under this agreement. The ownership shall terminate upon receipt of payment in full of Nilimedix invoices. 22.2 23.2 If Distributor fails to pay any amount when due, Nilimedix will have the right to repossess and remove all or any part of the products, that haven’t been paid for. Any repossession or removal will be without prejudice to any other remedy or rights of Nilimedix under this agreement. 22.3 23.3 Furthermore, on Nilimedix’s first request request, Nilimedix shall have a right of pledge over the products in possession of Distributor in order to secure the prompt and full payment of the outstanding invoices. Nilimedix shall register this pledge as appropriate. 22.4 23.4 Any legal action of third parties to products mentioned in this article, are to be made known to Nilimedix at once. 22.5 23.5 Distributor agrees not to secure products which have not been paid for in full in its possession as collateral for the benefit of third parties.