Common use of Passing of ownership Clause in Contracts

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. 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 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 affect or defeat our title to the goods provided that you may with our prior consent, as fiduciaryfiduciary, 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).