Title, Risk of Loss and Insurance. The parties agree that title to the Equipment shall reside with the Party who has paid for such Equipment and the other Party shall have no legal or equitable interest in such Equipment whatsoever. The Equipment shall be clearly marked to indicate the ownership of the Equipment and shall not be subject to the liens or claims of the other Party’s creditors. While the Equipment is in Patheon’s possession, risk of loss shall reside with Patheon and Patheon shall insure the Equipment under its policy of standard all-risk insurance and name Reliant as the loss-payee. Notwithstanding the above, title to the Abatement Equipment listed under Schedule A shall reside with Patheon once it has been installed at the Facility.
Appears in 5 contracts
Samples: Manufacturing Services Agreement, Manufacturing Services Agreement (Reliant Pharmaceuticals, Inc.), Manufacturing Services Agreement (Reliant Pharmaceuticals, Inc.)
