Common use of Passage of Risk of Loss Clause in Contracts

Passage of Risk of Loss. Seller shall remain responsible for risk of loss or damage to the Equipment and materials incorporated therein until Delivery. Thereafter, the Equipment shall remain in the custody and control of Seller until incorporated into the Project but shall be covered under Purchaser and/or EPC Contractor’s “All Risk Builder’s Risk” insurance, under which Seller and its applicable Subcontractors shall be additional insureds and who shall receive a waiver of subrogation thereunder.