Passage of Title and Risk of Loss. Title to the Products shall pass from Supplier directly to the purchaser of the Product or Products upon the latter of (i) delivery of the Product or Products to the purchaser, and (ii) receipt by Distributor of an irrevocable letter of credit, in form and substance acceptable to Distributor and from a financial institution acceptable to Distributor to cover the total cost of the Product or Products. Risk of loss shall remain with Supplier until such time as title shall pass to the purchaser.
Appears in 3 contracts
Sources: Marketing and Distribution Agreement, Marketing and Distribution Agreement (Arrow Resources Development Inc), Marketing and Distribution Agreement (Arrow Resources Development Inc)