Common use of PASSING OF TITLE AND RISK Clause in Contracts

PASSING OF TITLE AND RISK. 8.1 From the date of delivery to the Buyer the Goods shall be at the risk of the Buyer who shall be solely responsible for their custody and maintenance, but unless otherwise expressly agreed in writing, the Goods shall remain the property of the Company until all payments due to the Company from the Buyer under the Contract or any other contract have been made in full unconditionally and credited to the Company’s account. Whilst the ownership of the Company continues the Buyer shall keep the Goods separate and identifiable from all other goods in its possession as fiduciary agent and bailee for the Company. 8.2 In the event of any resale by the Buyer of the Goods the beneficial entitlement of the Company shall attach to the proceeds of the sale or other disposition thereof, so that such proceeds or any claim thereof shall be assigned to the Company. 8.3 In the event of failure to pay the price in accordance with the Contract, the Company shall have the power to re-sell the Goods, such power being additional to (and not in substitution for) any other power of sale arising by operation of law or implication or otherwise and for such purpose the Company and its servants and agents may forthwith enter upon any premises or land occupied or owned by the Buyer to remove the Goods. 8.4 Pending payment of the full purchase price of the Goods, the Buyer shall at all times keep the Goods comprehensively insured against loss or damage by accident, fire, theft and other risks usually covered by insurance in the type of business for which the Goods are for the time being used in an amount at least equal to the balance of the price for the same time to time remaining outstanding. The policy shall bear an endorsement recording the Company’s interest and shall be produced to the Company on request.

PASSING OF TITLE AND RISK. 8.1 1. From the date of delivery to the Buyer the Goods shall be at the risk of the Buyer who shall be solely responsible for their custody and maintenance, maintenance but unless otherwise expressly agreed to in writing, writing the Goods shall remain the property of the Company until all payments due to the Company from the Buyer under the Contract or any other contract have been made in full and unconditionally and credited to the Company’s account. Whilst the ownership of the Company company continues the Buyer buyer shall keep the Goods goods separate and identifiable from all other goods Goods in its possession as fiduciary agent and bailee for the Company. 8.2 2. In the event of any resale by the Buyer buyer of the Goods goods the beneficial entitlement of the Company company shall attach to the proceeds of the sale or other disposition thereof, thereof so that such proceeds or any claim thereof shall be assigned to the Company. 8.3 3. In the event of failure to pay the price in accordance with the Contract, Contract the Company shall have the power to re-possess and re- sell the Goods, such . The return and acceptance of the goods by the Company shall be subject to Clause L. Such power being additional to (and not in substitution for) any other power of sale arising by operation of or law or implication implications or otherwise and for such purpose the Company and its servants servants, employees, and /or agents may forthwith enter upon any premises or land occupied or owned by the Buyer to remove and take custody and possession of the Goodsgoods. 8.4 4. Pending payment of the full purchase price of the Goods, the Buyer shall at all times keep the Goods comprehensively insured against loss or damage by accident, fire, theft and other risks risk usually covered by insurance in the type of business for which the Goods goods are for the time being used in an amount at least equal to the balance of the price for the same from time to time remaining outstanding. The policy shall bear an endorsement recording the Company’s interest and shall be produced to the Company on requestrequest I. Delivery 1. The period for delivery shall be the period within which the Goods are intended to be dispatched from the Company’s premises and shall be calculated from the date of receipt by the Company of the Buyer’s order or from receipt of all necessary information to enable the Company to manufacture or procure the goods whichever shall be the later and the Buyer shall take delivery of the goods within that period. If no period is given then delivery will be such time after receipt of instructions as the Company thinks reasonable. 2. All times or dates given for delivery of the goods are given in good faith but without any responsibility on the part of the Company. Time of delivery shall not be of the essence of any contract nor shall the Company be under any liability for any delay beyond the Company’s control. 3. Where the goods are handed over to a carrier for carriage to Buyer any such carrier shall be deemed to be an agent of the Company and not of the Buyer for the purpose of Sale of Goods Act, 1930 and any amendments thereof. 4. No liability for non delivery, loss or damage to the Goods occurring prior to delivery or for any claim that the Goods are not in accordance with the contract will attach to the company unless claims to that effect are notified in writing by the Buyer to the Company within 3 working days of delivery in the case of partial loss or damage of goods in transit or delivery. 5. In the event of a valid claim for non-delivery of non-compliance with the Contract the company undertakes, at the option, either to reprocess or replace the Goods at its expense but shall not be under any further or other liability to any person in connection with such non-delivery, loss or not-compliance. 6. If for any reason the Buyer is unable to accept delivery of goods at the time when the goods are due and ready for delivery the Company may, at its sole discretion, without prejudice to its other rights store the goods at the risk of the Buyer and take all reasonable steps to safeguard and insure them at the cost of the Buyer. The buyer shall however be liable to pay demurrage/storage charges for same. 7. The Company shall have the right to make delivery by installment of such quantities and at such intervals as it may decide, and any express provision as to installment in the contract shall be in addition to and not in derogation of this right. 8. All requests for proof of delivery must be made within a period of 21 calendar days following the date of the invoice. 9. Where the Goods are for delivery by installments any defect in any installment shall not be a ground for cancellation of the remainder of the installment and the Buyer shall be bound to accept delivery thereof. 10. The buyer at the time of accepting the goods shall ensure that the goods are in good condition. In of any defect, the same shall be intimated immediately and the signing and acceptance of goods will be deemed that goods are in good condition. Without prejudice, in the event of any complaint, the same should be intimated within 7 days of delivery to the company in writing failing which the goods shall be deemed to be in perfect condition.

PASSING OF TITLE AND RISK. 8.1 7.1 From the date of delivery to the Buyer Buyer, the Goods shall be at the risk of the Buyer who shall be solely responsible for their custody and maintenance, but unless otherwise expressly agreed in writing, writing the Goods shall remain the property of the Company until all payments due to the Company from the Buyer under the Contract or any other contract have been made in full unconditionally and credited to the Company’s account. Whilst the ownership of the Company continues continues, the Buyer shall keep the Goods separate and identifiable from all other goods in its possession as fiduciary agent and bailee for the Company. 8.2 7.2 In the event of any resale by the Buyer of the Goods Goods, the beneficial entitlement of the Company shall attach to the proceeds of the sale or other disposition thereof, so that such proceeds or any claim thereof shall be promptly assigned by the Buyer to the Company. 8.3 7.3 In the event of failure to pay the price in accordance with the Contract, the Company shall have the power to re-sell the Goods or rescind the transfer of title and resume ownership over the Goods, such power being additional to (and not in substitution for) any other power of sale arising by operation of law or implication or otherwise and for such purpose the Company and its servants and agents may forthwith enter upon any premises or land occupied or owned by the Buyer to remove the Goods. 8.4 Pending payment of the full purchase price of the Goods, the . The Buyer shall at all times keep promptly deliver the Goods comprehensively insured against loss or damage by accident, fire, theft and other risks usually covered by insurance in the type of business for which the Goods are for the time being used in an amount at least equal to the balance of the price for the same time to time remaining outstanding. The policy shall bear an endorsement recording the Company’s interest and shall be produced to the Company on requestwithin 24 hours of receipt by the Buyer of a demand by the Company to return the Goods.