Common use of Ownership Risk and Insurance Clause in Contracts

Ownership Risk and Insurance. 6.1 In respect of local transactions, notwithstanding delivery of any goods and transfer of possession thereof to the Purchaser, ownership therein will not pass to the Purchaser and will remain vested in the Seller until the full purchase price, together with any interest thereon, has been paid. All risk in goods will, however, pass to the Purchaser upon delivery. 6.2 Notwithstanding clause 4.1, the Purchaser shall be responsible for insuring all goods being delivered to it from the moment the goods leave the possession of the Seller. 6.3 In respect of international transactions, the transfer of possession and risk in any goods and the responsibility for insuring the goods will occur in accordance with the specific incoterm reflected on the relevant invoice and/or contract.

Ownership Risk and Insurance. 6.1 In respect of local transactions, notwithstanding delivery of any goods and transfer of possession thereof to the Purchaser, ownership therein will not pass to the Purchaser and will remain vested in the Seller until the full purchase price, together with any interest thereon, has been paid. All risk in goods will, however, however pass to the Purchaser upon delivery. 6.2 Notwithstanding clause 4.1, the Purchaser shall be responsible for insuring all goods being delivered to it from the moment the goods leave the possession of the Seller. 6.3 In respect of international transactions, the transfer of possession and risk in any goods and the responsibility for insuring the goods will occur in accordance with the specific incoterm reflected on the relevant invoice and/or and or contract.