Common use of Recovery of Proceeds of Sale of Goods in the Event of Non-Payment Clause in Contracts

Recovery of Proceeds of Sale of Goods in the Event of Non-Payment. If the Customer re-sells any goods supplied by the Company, notwithstanding that payment to the Company has not been made and that title to such goods has not passed to the Customer, the proceeds of any such re-sale equivalent to all sums owing (“the Proceeds”) shall belong to the Company until payment has been received in full. The Customer will hold the Proceeds in a fiduciary capacity and keep them in a separate account, to be remitted forthwith to the Company.

Recovery of Proceeds of Sale of Goods in the Event of Non-Payment. If the Customer re-sells any goods supplied by the Company, notwithstanding that payment to the Company has not been made and that title to such goods has not passed to the Customer, the proceeds of any such re-sale equivalent to all sums owing (“the Proceeds”) shall belong to the Company until payment has been received in full. The Customer will hold the Proceeds in a fiduciary fiduciary capacity and keep them in a separate account, to be remitted forthwith to the Company.