Common use of PASSING OF TITLE AND RISK Clause in Contracts

PASSING OF TITLE AND RISK. 5.1 Risk in the Goods shall pass at the time dictated by the applicable method of delivery stated in the Order Acknowledgement as prescribed in the INCOTERMS 2010. 5.2 Title to the Goods shall only pass to the Buyer upon the happening of any one of the following events: (a) the Buyer having paid (in full and cleared funds) to the Company all sums due from it to the Company under this Contract or under all contracts between the Buyer and the Company including any sums due under Contracts made after this Contract whether or not the same are immediately payable; or (b) the Company serving on the Buyer notice in writing specifying that title in the Goods has passed. 5.3 Until title in the Goods has passed to the Buyer in accordance with Clause 5.2 above, the Buyer shall (a) not dispose of any Goods which are delivered to the Buyer unless in accordance with Clause 5.4 below; (b) store the Goods separately from goods belonging to third parties; (c) xxxx the Goods as the Company’s property; and (d) allow the Company access to the Buyer’s premises to verify that this has been done. 5.4 The Buyer may only resell the Goods as the Company’s agent and bailee. 5.5 If any of the events listed in Clause 11.1 occur, the Company, its servants and agents may forthwith enter upon any premises or land occupied or owned by the Buyer for the purpose of removing all Goods in relation to which title remains with the Company. 5.6 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 from time to time remaining outstanding. The policy shall bear an endorsement recording the Company’s title and interest and shall be produced to the Company on request.

PASSING OF TITLE AND RISK. 5.1 Risk in the Goods shall pass at the time dictated by the applicable method of delivery stated in the Order Acknowledgement as prescribed in the INCOTERMS 201010. 5.2 Title to the Goods shall only pass to the Buyer upon the happening of any one of the following events: (a) the Buyer having paid (in full and cleared funds) to the Company all sums due from it to the Company under this Contract or under all contracts between the Buyer and the Company including any sums due under Contracts made after this Contract whether or not the same are immediately payable; or (b) the Company serving on the Buyer notice in writing specifying that title in the Goods has passedContract. 5.3 Until title in the Goods has passed to the Buyer in accordance with Clause clause 5.2 above, the Buyer shall (a) not dispose of any Goods which are delivered to the Buyer unless in accordance with Clause clause 5.4 below; (b) store the Goods separately from goods belonging to third parties; (c) xxxx mark the Goods as the Company’s property; and (d) allow the Company access to the Buyer’s premises to verify that this has been done. 5.4 The Buyer may only resell the Goods as the Company’s agent and bailee. 5.5 If any of the events listed in Clause clause 11.1 occur, the Company, its servants and agents may forthwith enter upon any premises or land occupied or owned by the Buyer for the purpose of removing all Goods in relation to which title remains with the Company. 5.6 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 from time to time remaining outstanding. The policy shall bear an endorsement recording the Company’s title and interest and shall be produced to the Company on request.

PASSING OF TITLE AND RISK. 5.1 Risk in the Goods shall pass at the time dictated by the applicable method of delivery stated in the Order Acknowledgement as prescribed in the INCOTERMS 2010. 5.2 Title to the Goods shall only pass to the Buyer upon the happening of any one of the following events: (a) the Buyer having paid (in full and cleared funds) to the Company all sums due from it to the Company under this Contract or under all contracts between the Buyer and the Company including any sums due under Contracts made after this Contract whether or not the same are immediately payable; or (b) the Company serving on the Buyer notice in writing specifying that title in the Goods has passedContract. 5.3 Until title in the Goods has passed to the Buyer in accordance with Clause clause 5.2 above, the Buyer shall (a) not dispose of any Goods which are delivered to the Buyer unless in accordance with Clause clause 5.4 below; (b) store the Goods separately from goods belonging to third parties; (c) xxxx the Goods as the Company’s property; and (d) allow the Company access to the Buyer’s premises to verify that this has been done. 5.4 The Buyer may only resell the Goods as the Company’s agent and bailee. 5.5 If any of the events listed in Clause clause 11.1 occur, the Company, its servants and agents may forthwith enter upon any premises or land occupied or owned by the Buyer for the purpose of removing all Goods in relation to which title remains with the Company. 5.6 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 from time to time remaining outstanding. The policy shall bear an endorsement recording the Company’s title and interest and shall be produced to the Company on request.

PASSING OF TITLE AND RISK. 5.1 Risk in the Goods shall pass at the time dictated by the applicable method of delivery stated in the Order Acknowledgement as prescribed in the INCOTERMS 2010. 5.2 Title to the Goods shall only pass to the Buyer upon the happening of any one of the following events: (a) the Buyer having paid (in full and cleared funds) to the Company all sums due from it to the Company under this Contract or under all contracts between the Buyer and the Company including any sums due under Contracts made after this Contract whether or not the same are immediately payable; or (b) the Company serving on the Buyer notice in writing specifying that title in the Goods has passedContract. 5.3 Until title in the Goods has passed to the Buyer in accordance with Clause clause 5.2 above, the Buyer shall (a) not dispose of any Goods which are delivered to the Buyer unless in accordance with Clause clause 5.4 below; (b) store the Goods separately from goods belonging to third parties; (c) xxxx mark the Goods as the Company’s property; and (d) allow the Company access to the Buyer’s premises to verify that this has been done. 5.4 The Buyer may only resell the Goods as the Company’s agent and bailee. 5.5 If any of the events listed in Clause clause 11.1 occur, the Company, its servants and agents may forthwith enter upon any premises or land occupied or owned by the Buyer for the purpose of removing all Goods in relation to which title remains with the Company. 5.6 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 from time to time remaining outstanding. The policy shall bear an endorsement recording the Company’s title and interest and shall be produced to the Company on request.