Common use of RISK, PROPERTY AND TITLE Clause in Contracts

RISK, PROPERTY AND TITLE. 5.1 risk in the Lot passes to you when it is knocked down to you on the fall of the Auctioneer’s hammer in respect of the Lot. The Seller will not be responsible thereafter for the Lot prior to you collecting it from Gorringe’s or the Storage Contractor, with whom you have separate contract(s)