Submission of Title Company’s Proposal is available for acceptance and may not expire or be revoked for sixty (60) Business Days following the date submitted to Judicial Council’s Project Manager.
Submission of Title Company’s Proposal Sample Clauses
Related to Submission of Title Company’s Proposal
Retention of Title 1. The Supplier reserves the right to retain the title to the goods supplied by the Supplier and any items created by processing or finishing these goods until all of the Supplier’s current or future receivables due from the Buyer and arising from the business relationship have been settled in full. The Buyer shall separately store and label the goods subject to extended retention of title. 2. The goods subject to retention of title are processed and finished for the Supplier as manufacturer within the meaning of Section 950 BGB, without this creating an obligation for the Supplier. In the event of the Buyer processing goods subject to retention of title together with other goods, the Supplier shall be entitled to co-ownership of the new items in proportion to the value of the goods subject to retention of title that have been processed compared to the other goods at the time of processing or finishing. The Buyer shall herewith already transfer the Supplier’s potential co- ownership shares created by combining, blending or mixing the goods supplied with other items to the Supplier. It shall herewith be agreed that the Buyer holds the goods in its role as a custodian for the Supplier and act with the due diligence of a business person in this respect. 3. The Buyer may only sell the goods supplied and the items created from processing or finishing, combining, blending and mixing these goods during the proper course of business and in return for cash or subject to retention of title. The goods shall not be assigned as security or pledged, nor shall any other decrees be permitted which infringe the Supplier’s rights. 4. The Buyer shall herewith already assign the receivables due to the Supplier due to the Buyer selling on the goods or any other legal reason relating to the goods subject to retention of title to the Supplier to provide the latter with security to the value or proceeds of the goods, if they do not reach the value of the goods. If the Buyer sells the goods subject to retention of title together with other goods, the Buyer shall assign the purchase price receivable for the goods subject to retention of title in full, or to the value of the processed goods subject to retention of title which are being sold in the event of the goods previously having been processed or finished together with goods not belonging to the Supplier. At a minimum, the value shall be the price agreed between the Supplier and Buyer (total value). 5. As long as the Buyer meets its obligations, the assignment shall be treated as a silent assignment and the Buyer may collect the receivable. The Buyer shall separately book and manage the payments received on the assigned receivables. 6. Should the value of the securities exceed the Supplier’s receivables due or non-due by more than 20%, the Buyer may request for them to be released. The Buyer shall agree to insure the goods supplied and items created therefrom against accidental damage or destruction, including risk of fire and theft, and provide the Supplier with proof of such insurance upon request. 7. The Buyer shall notify the Supplier immediately about any third-party access to the goods subject to retention of title or assigned receivables and provide all documents required for intervention of such actions. The Buyer shall bear the costs of such intervention.
