Common use of RISK/TITLE Clause in Contracts

RISK/TITLE. 6.1 The Goods are at the risk of the Purchaser from the time of delivery. 6.2 Ownership of the Goods shall not pass to the Purchaser until the Company has received in full (in cash or cleared funds) all sums due to it in respect of: 6.2.1 the Goods; and 6.2.2 all other sums which are or which become due to the Company from the Purchaser on any account. 6.3 Until ownership of the Goods has passed to the Purchaser, the Purchaser shall hold the Goods on a fiduciary basis as the Company’s bailee. 6.4 The Purchaser’s right to possession of the Goods shall terminate immediately if:‌ 6.4.1 the Purchaser has a bankruptcy order made against him or makes an arrangement or composition with his creditors, or otherwise takes the benefit of any statutory provision for the time being in force for the relief of insolvent debtors, or (being a body corporate) convenes a meeting of creditors (whether formal or informal), or enters into liquidation (whether voluntary or compulsory) except a solvent voluntary liquidation for the purpose only of reconstruction or amalgamation, or has a receiver and/or manager, administrator or administrative receiver appointed of its undertaking or any part thereof, or documents are filed with the court for the appointment of an administrator of the Purchaser or notice of intention to appoint an administrator is given by the Purchaser or its directors or by a qualifying floating charge holder (as defined in paragraph 14 of Schedule B1 to the Insolvency Act 1986), or a resolution is passed or a petition presented to any court for the winding-up of the Purchaser or for the granting of an administration order in respect of the Purchaser, or any proceedings are commenced relating to the insolvency or possible insolvency of the Purchaser; or 6.4.2 the Purchaser suffers or allows any execution to be levied on its property or obtained against it, or fails to observe or perform any of its obligations under the Order Confirmation or any other contract between the Company and the Purchaser, or is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986 or the Purchaser ceases to trade; or 6.4.3 any event equivalent to those set out in clause 6.4.1 and 6.4.2 occurs in relation to the Purchaser in any jurisdiction; or 6.4.4 the Purchaser encumbers or in any way charges any of the Goods before ownership has passed to the Purchaser. 6.5 If the Purchaser's right to possession terminates in accordance with clause 6.4, the Company shall be entitled to enter the premises of the Purchaser at any time and re-possess the Goods. 6.6 On termination of the Contract, howsoever caused, the Company’s (but not the Purchaser’s) rights contained in this condition 6 shall remain in effect.

RISK/TITLE. 6.1 The Goods are at the risk of the Purchaser Buyer from the time of deliverydelivery as defined by the applicable ICC 2022 Incoterm. 6.2 Ownership of the Goods shall not pass to the Purchaser Buyer until the Company has received in full (full, in cash or cleared funds) , all sums due to it in respect of: 6.2.1 the (a) The Goods; and 6.2.2 all (b) All other sums which are or which become due to the Company from the Purchaser Buyer on any account. 6.3 Until ownership of the Goods has passed to the PurchaserBuyer, the Purchaser shall hold Buyer shall: (a) Hold the Goods on a fiduciary basis as a bailee of Company; (b) Store the Goods (at no cost to Company’s bailee) separately from all other goods of Buyer or any third party in such a way that they remain readily identifiable as the property of Company; (c) Not destroy, deface or obscure any identifying mark or packaging on or relating to the Goods; and (d) Maintain the Goods in satisfactory condition and keep them insured on behalf of Company for their full price against all risks to the reasonable satisfaction of Company. On request Buyer shall produce the policy of insurance to Company. 6.4 Buyer may resell the Goods before ownership has passed to it solely on the following conditions: (a) Any sale shall be effected in the ordinary course of the business of Buyer at full market value; and (b) Any such sale shall be a sale of the property of Company on the own behalf of Xxxxx and Buyer shall deal as principal when making such a sale. 6.5 The Purchaser’s right of Buyer to possession of the Goods shall terminate immediately if:‌if: 6.4.1 the Purchaser (a) Buyer has a bankruptcy order made against him or makes an arrangement or composition with his creditors, or otherwise takes the benefit of any statutory provision for the time being in force for the relief of insolvent debtors, or (being a body corporate) convenes a meeting of creditors (whether formal or informal), or enters into liquidation (whether voluntary or compulsory) except a solvent voluntary liquidation for the purpose only of reconstruction or amalgamation, or has a receiver and/or manager, administrator or administrative receiver appointed of its undertaking or any part thereof, or documents are filed with the court for the appointment of an administrator of the Purchaser Buyer or notice of intention to appoint an administrator is given by the Purchaser Xxxxx or its directors or by a qualifying floating charge holder (as defined in paragraph 14 of Schedule B1 to the Insolvency Act 1986)directors, or a resolution is passed or a petition presented to any court for the winding-up of the Purchaser Buyer or for the granting of an administration order in respect of the PurchaserBuyer, or any proceedings are commenced relating to the insolvency or possible insolvency of the PurchaserBuyer; or 6.4.2 the Purchaser (b) Buyer suffers or allows any execution execution, whether legal or equitable, to be levied on his/its property or obtained against him/it, or fails to observe or perform any of his/its obligations under the Order Confirmation Contract or any other contract between the Company and the PurchaserBuyer, or is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986 debts, or the Purchaser Buyer ceases to trade; or 6.4.3 any event equivalent to those set out in clause 6.4.1 and 6.4.2 occurs in relation to the Purchaser in any jurisdiction; or 6.4.4 the Purchaser (c) Buyer encumbers or in any way charges any of the Goods before ownership has passed to the PurchaserGoods. 6.5 If the Purchaser's right to possession terminates in accordance with clause 6.4, the 6.6 Company shall be entitled to enter recover payment for the premises Goods notwithstanding that ownership of any of the Purchaser Goods has not passed from Company. 6.7 Buyer grants Company, its agents and employees an irrevocable licence at any time and re-possess to enter any premises where the GoodsGoods are or may be stored in order to inspect them, or, where the right of Buyer to possession has terminated, to recover them. 6.6 6.8 Where Company is unable to determine whether any Goods are the goods in respect of which the right of Buyer to possession has terminated, Xxxxx shall be deemed to have sold all goods of the kind sold by Company to Buyer in the order in which they were invoiced to Buyer. 6.9 On termination of the Contract, howsoever caused, the Company’s rights of Company (but not the Purchaser’sof Buyer) rights contained in this condition 6 shall remain in effect.

RISK/TITLE. 6.1 The Goods are at the risk of the Purchaser Buyer from the time of delivery.delivery unless otherwise agreed 7 days after given notice that goods are ready 6.2 Ownership of the Goods shall not pass to the Purchaser Buyer until the Company has received in full (in cash or cleared funds) all sums due to it in respect of: 6.2.1 (a) the Goods; and 6.2.2 (b) all other sums which are or which become due to the Company from the Purchaser Buyer on any account. 6.3 Until ownership of the Goods has passed to the PurchaserBuyer, the Purchaser shall Buyer shall: (a) hold the Goods on a fiduciary basis as the Company’s 's bailee; (b) store the Goods (at no cost to the Company) separately from all other goods of the Buyer or any third party in such a way that they remain readily identifiable as the Company's property; (c) not destroy, deface or obscure any identifying mark or packaging on or relating to the Goods; and (d) maintain the Goods in satisfactory condition and keep them insured on the Company's behalf for their full price against all risks to the reasonable satisfaction of the Company. On request the Buyer shall produce the policy of insurance to the Company. 6.4 The Purchaser’s Buyer may resell the Goods before ownership has passed to it solely on the following conditions: (a) any sale shall be effected in the ordinary course of the Buyer's business at market value; and (b) any such sale shall be a sale of the Company's property on the Buyer's own behalf and the Buyer shall deal as principal when making such a sale. 6.5 The Buyer's right to possession of the Goods shall terminate immediately if:‌if: 6.4.1 (a) the Purchaser Buyer has a bankruptcy order made against him or makes an arrangement or composition with his creditors, or otherwise takes the benefit of any statutory provision for the time being in force for the relief of insolvent debtors, or (being a body corporate) convenes a meeting of creditors (whether formal or informal), or enters into liquidation (whether voluntary or compulsory) except a solvent voluntary liquidation for the purpose only of reconstruction or amalgamation, or has a receiver and/or manager, administrator or administrative receiver appointed of its undertaking or any part thereof, or documents are filed with the court for the appointment of an administrator of the Purchaser Buyer or notice of intention to appoint an administrator is given by the Purchaser Buyer or its directors or by a qualifying floating charge holder (as defined in paragraph 14 of Schedule B1 to the Insolvency Act 1986), or a resolution is passed or a petition presented to any court for the winding-up of the Purchaser Buyer or for the granting of an administration order in respect of the PurchaserBuyer, or any proceedings are commenced relating to the insolvency or possible insolvency of the PurchaserBuyer; or 6.4.2 (b) the Purchaser Buyer suffers or allows any execution execution, whether legal or equitable, to be levied on his/its property or obtained against him/it, or fails to observe or perform any of his/its obligations under the Order Confirmation Contract or any other contract between the Company and the PurchaserBuyer, or is unable to pay its debts within the meaning of section 123 of the Insolvency Act 1986 or the Purchaser Buyer ceases to trade; or 6.4.3 any event equivalent to those set out in clause 6.4.1 and 6.4.2 occurs in relation to (c) the Purchaser in any jurisdiction; or 6.4.4 the Purchaser Buyer encumbers or in any way charges any of the Goods before ownership has passed to the PurchaserGoods. 6.5 If the Purchaser's right to possession terminates in accordance with clause 6.4, the 6.6 The Company shall be entitled to enter recover payment for the premises Goods notwithstanding that ownership of any of the Purchaser Goods has not passed from the Company. 6.7 The Buyer grants the Company, its agents and employees an irrevocable licence at any time and re-possess to enter any premises where the GoodsGoods are or may be stored in order to inspect them, or, where the Buyer's right to possession has terminated, to recover them. 6.6 6.8 Where the Company is unable to determine whether any Goods are the goods in respect of which the Buyer's right to possession has terminated, the Buyer shall be deemed to have sold all goods of the kind sold by the Company to the Buyer in the order in which they were invoiced to the Buyer. 6.9 On termination of the Contract, howsoever caused, the Company’s 's (but not the Purchaser’sBuyer's) rights contained in this condition 6 shall remain in effect.

RISK/TITLE. 6.1 The Goods are at the your risk of the Purchaser from the time of delivery. 6.2 Ownership of the Goods shall does not pass to the Purchaser you until the Company has we have received in full (in cash or cleared funds) all sums due to it us in respect of: 6.2.1 of the Goods; and 6.2.2 Goods and all other sums which are or which become due to the Company us from the Purchaser you on any account. 6.3 Until ownership of the Goods has passed to the Purchaseryou, the Purchaser shall you shall: 6.3.1 hold the Goods on a fiduciary basis as our bailee; 6.3.2 store the Company’s baileeGoods separately from your other goods or those of any third party and keep them readily identifiable as our property; 6.3.3 not destroy, deface or obscure any identifying mark or packaging on or relating to the Goods; and 6.3.4 maintain the Goods in satisfactory condition and insure them for their full value against all normal risks. You must produce the policy of insurance to us on request. 6.4 The Purchaser’s You may resell the Goods before ownership has passed to you provided that: 6.4.1 any sale is in the ordinary course of your business at full market value; and 6.4.2 any such sale is a sale of our property on your behalf and you deal as principal when making such a sale. 6.5 Your right to possession of the Goods shall terminate terminates immediately if:‌if: 6.4.1 the Purchaser has 6.5.1 you have a bankruptcy order made against him you or makes you make an arrangement or composition with his your creditors, or otherwise takes take the benefit of any statutory provision for the time being in force for the relief of insolvent debtors, or (being a body corporate) convenes you convene a meeting of creditors (whether formal or informal)creditors, or enters enter into liquidation (whether voluntary or compulsory) except a solvent voluntary liquidation for the purpose only of reconstruction or amalgamation, or has you have a receiver and/or managerreceiver, administrator administrator, manager or administrative receiver appointed of its undertaking all or any part thereofof your undertaking, or documents are filed with the court for the appointment of an administrator of the Purchaser you or notice of intention to appoint an administrator is given by the Purchaser you or its your directors or by a qualifying floating charge holder (as defined in paragraph 14 of Schedule B1 to the Insolvency Act 1986)holder, or a resolution is passed or a petition presented to any court for the your winding-up of the Purchaser or for the granting of an administration order in respect of the Purchaseryou, or any proceedings are commenced relating to the your insolvency or possible insolvency of the Purchaserinsolvency; or 6.4.2 the Purchaser suffers 6.5.2 you suffer or allows allow any execution execution, whether legal or equitable, to be levied on its your property or obtained against ityou, or fails fail to observe or perform any of its your obligations under the Order Confirmation Contract or any other contract between the Company us and the Purchaseryou, or is are unable to pay its your debts within the meaning of section 123 of the Insolvency Act 1986 or the Purchaser ceases you cease or threaten to cease to trade; or 6.4.3 any event equivalent to those set out in clause 6.4.1 and 6.4.2 occurs in relation to the Purchaser in any jurisdiction; or 6.4.4 the Purchaser encumbers 6.5.3 you encumber or in any way charges charge any of the Goods before ownership has passed to the Purchaser. 6.5 If the Purchaser's right to possession terminates in accordance with clause 6.4, the Company shall be entitled to enter the premises of the Purchaser at any time and re-possess the Goods. 6.6 We may recover payment for the Goods notwithstanding that ownership of any of the Goods has not passed from us. 6.7 You grant us, our agents and employees an irrevocable licence at any time to enter any premises where the Goods are or may be stored in order to inspect them, or, where your right to possession has terminated, to recover them. 6.8 On termination of the Contract, howsoever caused, the Company’s our (but not the Purchaser’syour) rights contained in this condition 6 shall remain in effect.