Common use of Hardware Provisions Clause in Contracts

Hardware Provisions. The following provisions shall apply:- 3.1 risk of damage or loss of the Hardware shall pass to the Customer at the time of delivery to the Premises 3.2 In spite of delivery having been made and the passing of risk in the Hardware, property in the same shall not pass from Reckon until Reckon shall have been paid the Charges in full and all other sums payable under clause 3 of the General Conditions and until such as payment has been made Reckon shall keep retention of title. 3.3 Until property in the Hardware passes to the Customer in accordance with this clause, the Customer shall hold the same on a fiduciary basis as bailee of Reckon. 3.4 Notwithstanding that the Hardware remains the property of Reckon, the Customer may use the same in the ordinary course of the Customer’s business. 3.5 Reckon shall be entitled to recover the Charges and all other sums payable under clause 3 of the General Conditions notwithstanding that property in the Hardware has not passed from Reckon. 3.6 Until such time as property in the Hardware passes from Reckon, the Customer shall, upon request, deliver up the same to Reckon. If the Customer fails to do so, Reckon may enter upon any premises owned, occupied or controlled by the Customer where the Hardware is situated and repossess the same. On the making of such a request, the rights of the Customer under clause 3.4 above shall cease with immediate effect. 3.7 The Customer shall not pledge or in any way charge by way of security for any indebtedness, the Hardware while it remains the property of Reckon. 3.8 The Customer shall insure and keep insured the Hardware to its full purchase price against all risks to the reasonable satisfaction of Reckon until the date the property in the same passes from Reckon and shall, whenever requested by Reckon, produce a copy of the policy of insurance

Hardware Provisions. The following provisions shall apply:- 3.1 risk of damage or loss of the Hardware shall pass to the Customer at the time of delivery to the Premises. 3.2 In spite of delivery having been made and the passing of risk in the Hardware, property in the same shall not pass from Reckon Virtual Cabinet until Reckon Virtual Cabinet shall have been paid the Charges in full and all other sums payable under clause 3 of the General Conditions and until such as payment has been made Reckon Virtual Cabinet shall keep retention of title. 3.3 Until property in the Hardware passes to the Customer in accordance with this clause, the Customer shall hold the same on a fiduciary basis as bailee of ReckonVirtual Cabinet. 3.4 Notwithstanding that the Hardware remains the property of ReckonVirtual Cabinet, the Customer may use the same in the ordinary course of the Customer’s business. 3.5 Reckon Virtual Cabinet shall be entitled to recover the Charges and all other sums payable under clause 3 of the General Conditions notwithstanding that property in the Hardware has not passed from ReckonVirtual Cabinet. 3.6 Until such time as property in the Hardware passes from ReckonVirtual Cabinet, the Customer shall, upon request, deliver up the same to ReckonVirtual Cabinet. If the Customer fails to do so, Reckon Virtual Cabinet may enter upon any premises owned, occupied or controlled by the Customer where the Hardware is situated and repossess the same. On the making of such a request, the rights of the Customer under clause 3.4 above shall cease with immediate effect. 3.7 The Customer shall not pledge or in any way charge by way of security for any indebtedness, the Hardware while it remains the property of ReckonVirtual Cabinet. 3.8 The Customer shall insure and keep insured the Hardware to its full purchase price against all risks to the reasonable satisfaction of Reckon Virtual Cabinet until the date the property in the same passes from Reckon Virtual Cabinet and shall, whenever requested by ReckonVirtual Cabinet, produce a copy of the policy of insurance.