Passing of ownership Sample Clauses
The 'Passing of ownership' clause defines the point at which legal ownership of goods or property transfers from the seller to the buyer. Typically, this clause specifies whether ownership passes at the time of delivery, upon full payment, or at another agreed milestone, and may outline any conditions that must be met for the transfer to occur. Its core practical function is to clearly allocate the rights and risks associated with the goods, ensuring both parties understand when responsibilities and liabilities shift, thereby reducing disputes over loss, damage, or title.
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Passing of ownership. The property in and the risk of loss of or damage to the Heat supplied under this Agreement shall pass from the Seller to the Buyer at the Delivery Point.
Passing of ownership a. Until payment in full is received by us for all goods supplied by us to you:
i. Ownership in any goods supplied by us to you remains with us;
ii. The relationship between us and you is a fiduciary relationship, requiring you to look after the goods, which you will hold as bailee for us;
iii. You must not sell or otherwise dispose of or deal with the goods or do any act that may affect or defeat our title to the goods provided that you may with our prior consent, as fiduciary, deal or otherwise dispose of the goods in the normal course of trade on the understanding that the proceeds of disposition shall at all times be our property. You must account directly to us for the proceeds of such disposition, all proceeds to be held on trust for us in a separate account;
iv. Until ownership of the goods passes from us to you, we may give notice in writing to you to return the goods or any of them to us. Upon such notice the rights of you to obtain ownership or any other interest in the goods ceases;
v. You will not charge the goods in any way nor give any interest in the goods while they remain the property of us;
vi. You will insure and keep insured the goods to the full price against all risks until the price is received by us;
vii. We may require payment of the total or balance owning for the goods and services supplied in this job sheet/invoice together with any other amounts owing by you to us, and we may take any lawful steps to require payment of all amounts owing by you to us;
viii. You will meet the costs of any repossession (including the cost of any damage caused necessarily to repossess) and will indemnify us against any claim or costs we may incur arising out of the repossession
ix. The foregoing provisions do not entitle you to return the goods without demand from us;
x. We may repossess those goods supplied (and if they are attached to any other equipment or product, detach and remove the goods from that equipment or product) and you authorise us to enter onto any premises to carry out that repossession (and will, if necessary, obtain any third party approval to our entering onto those premises).
Passing of ownership. Visbion shall retain the ownership of all the necessary equipment supplied under this Agreement.
Passing of ownership. Title and risk in the Gas we sell you will pass to you when that Gas passes the point at which your Supply Address connects to the Metering Equipment.
Passing of ownership. Ownership of the Goods passes to Essential Energy upon the earlier of delivery of the Goods to Essential Energy or payment, without prejudice to any rights of rejection that Essential Energy may have.
Passing of ownership. Ownership of the Goods passes to the SRA upon the earlier of delivery of the Goods by the Service Provider and upon payment, without prejudice to any rights of rejection that the SRA may have.
Passing of ownership. Ownership of the Goods passes to ▇▇▇▇▇ Print upon the earlier of delivery of the Goods by ▇▇▇▇▇ Print and payment, without prejudice to any rights of rejection that ▇▇▇▇▇ Print may have.
Passing of ownership. 10.1 Ownership of the goods shall pass to the Customer only when full payment for the goods and interest (if applicable) and any costs incurred have been recovered by the Company.
10.2 Until such time stipulated in 10.1:
10.2.1 The Customer shall store the goods in a manner which makes them readily identifiable as the property of the Company; and
10.2.2 The relationship of the Customer to the Company shall be fiduciary in respect of the goods and accordingly the Company shall have the right to trace any proceeds of sale.
Passing of ownership a. Full legal title to the Work will not pass to you until we have received in full in cleared funds all sums due in respect of the Work and any other amount owed by you to us and we are satisfied as to your identity and that of any third party payer.
b. If you have possession of the Work before full payment has been made, you undertake as our fiduciary agent and bailee to:
i. keep possession of it, not sell it, export it or hand it over to any other person or dispose of any interest in it and in the case of a Work consisting of more than one item, keep those items together;
ii. keep all identifying marks showing that we own the Work clearly displayed and store the Work on your premises and at no cost to us, separately from other property with adequate security measures;
iii. at our request, and after we have given you reasonable notice, allow us or a third party acting on our behalf to have access to the Work in order to inspect it;
iv. preserve the Work in the same state as it was on delivery and in particular, not restore, repair, clean or reframe it without our written consent and take all reasonable steps to prevent any damage to or deterioration of the Work; and
v. keep the Work comprehensively insured for not less than the invoice Price, have our interest noted on the policy as an additional named insured and provide a copy of such notification to us.