Common use of Passage of Title Clause in Contracts

Passage of Title. 12.3.1. The ownership and title to the RRV (including the Special Tools) and any part thereof, shall fully pass to ISR free and clear of all security interests, liens, attachments, encumbrances and any other rights or claims of any kind of any third party, upon the date of issuance by ISR of the Final Acceptance Certificate. The passing of title to ISR and vesting of ownership rights shall be without prejudice to any right that may accrue to ISR under this Agreement. 12.3.2. ISR shall bear no responsibility for any works performed or materials, components or equipment used by Supplier including such materials, equipment or Works being stored or that have been placed at any site and which are lost, stolen, damaged, destroyed or otherwise fail prior to Final Acceptance. Supplier shall be solely responsible to protect completely and preserve entirely the RRV and any related Works, components, materials and equipment until the Final Acceptance thereof.

Passage of Title. 12.3.1. The ownership and title to the RRV (including the Special Tools) System and any part thereof, shall fully pass to ISR free and clear of all security interests, liens, attachments, encumbrances and any other rights or claims of any kind of any third party, upon the date of issuance by ISR of the Final Acceptance Certificate. The passing of title to ISR and vesting of ownership rights shall be without prejudice to any right that may accrue to ISR under this Agreement. 12.3.2. ISR shall bear no responsibility for any works performed or materials, components or equipment used by Supplier including such materials, equipment or Works being stored or that have been placed at any site and which are lost, stolen, damaged, destroyed or otherwise fail prior to Final Acceptance. Supplier shall be solely responsible to protect completely and preserve entirely the RRV System and any related Works, components, materials and equipment until the Final Acceptance thereof.