Common use of RETENTION OF TITLE Clause in Contracts

RETENTION OF TITLE. We retain title to the goods sold until full payment of the price and ancillary charges. The issuing of a bill of exchange or other document creating an obligation to pay does not constitute payment. The buyer shall, however, insure the goods during shipping, as the transfer of risk will take place upon their dispatch from the seller's premises. In the absence of payment, in full or in part, of the price of the goods by their due date, said goods must be returned to us at our written request, at the buyer's expense and risk, which the latter hereby accepts, within eight days after formal notice to pay has been sent to the buyer by recorded delivery with proof of receipt and has not been remedied in full or in part during such time.