Common use of Transfer of ownership and responsibility Clause in Contracts

Transfer of ownership and responsibility. 6.1 Terms of Payment Payment will be released only after satisfactory delivery, installation & operation of the goods and machines at our respective destination. Installation reports duly signed by authorized person of the Institute are to be attached along with the invoice for processing of payment. Receipt duly signed by authorized person to be attached along with the invoice for processing of payment in every invoice basic price & taxes should be mentioned separately. 6.2 Warranty/Guarantee Minimum warranty of all products/equipments would be 24 months from the date of installation. Within warranty period minimum 04 free on spot services would be necessarily given by the supplier. Otherwise, xxxxxxx money would not be released. The tenderers must furnish a guarantee for 24 months on his/her letterhead, duly sealed and signed. 6.3 Correction of Defects noticed during the Defect Liability Period a) The defects liability period will be of two years from the completion of work.