Risk Transfer Date definition
Examples of Risk Transfer Date in a sentence
In the event that an insured’s date of death is after the Risk Transfer Date but before the date of the new ownership and beneficiary changes having been recorded by the Insurer, the Parties agree that the full maturity proceeds will be shared equally between the Parties.
Seller assumes all risk of loss to the Property prior to the Risk Transfer Date.
Contractor shall not be required to pay for (i) raw water, (ii) operational spare parts, (iii) Gas required for start-up, testing or operation of the Facility, or (iv) any re-fills of lubrication oil, grease or resins or any waste disposal services, chemicals, electricity, consumables and other utilities required for operation of the Facility following the Risk Transfer Date.
Contractor shall provide on or prior to the earlier of (i) the commencement of shipment of any equipment to be provided hereunder and (ii) Financial Closing Date, and shall maintain until the Risk Transfer Date of the Facility Ocean Marine Cargo Insurance covering any and all materials and equipment while they are in transit to the Facility Site by wet marine bottoms or by air transportation and/or connecting conveyances, with a policy limit not less than the value of the largest single cargo shipment.
It is the intent of the parties that the Purchaser assume all risk of loss related to the ownership of the Property from and after the Risk Transfer Date unless such loss was caused by the affirmative act of Seller or by the failure of Seller to act where Seller had an obligation to do so.