Common use of PASSING OF TITLE Clause in Contracts

PASSING OF TITLE. 5.1 Notwithstanding the passing of risk in accordance with clause 4.1, title in the Goods shall not pass to the Buyer until payment in full has been received by the Seller for all Goods and for all other amounts outstanding from the Buyer to the Seller on any account whatsoever. 5.2 The Buyer is hereby licensed by the Seller to use or to agree to sell the Goods subject to the express condition that: 5.2.1 any sale by the Buyer of the Goods whether or not incorporated into other goods shall be made as agent on behalf of the Seller; 5.2.2 the percentage of the proceeds of sale made by the Buyer pursuant to clause 5.2.1 which relates to the invoice price of the Goods sold shall be paid into a separate bank account and held in trust for the Seller and shall not be mixed with other monies or paid into an overdrawn bank account and shall at all times be identified as the Seller’s monies. 5.3 Until title to the Goods passes:- 5.3.1 The Buyer will hold the Goods as fiduciary agent and bailee for the Seller; 5.3.2 Subject to clause 5.2 the Goods shall be kept separate and distinct from all other property of the Buyer or of any third party and shall be stored (at no cost to the Seller) in such a way as to be clearly identifiable as belonging to the Seller; 5.3.3 The Seller may at any time revoke the power of sale and use contained in clause 5.2 by notice to the Buyer if the Buyer is in default for longer than 14 days in the payment of any sum whatsoever due to the Seller in respect of any Goods or if the Seller has bona fide doubts as to the solvency of the Buyer; 5.3.4 The Buyer’s power of sale and use contained in clause 5.2 shall automatically cease if the Buyer has a petition presented for its winding-up or passes a resolution for voluntary winding up other than for the purposes of a bona fide amalgamation or reconstruction or compounds with its creditors or has a receiver appointed of all or any part of its assets or becomes bankrupt or insolvent or enters into any arrangement with creditors or suffers from any similar action in consequence of debts or carries out or undergoes any analogous act or proceedings under foreign law; 5.3.5 Upon determination of the Buyer’s power of sale and use pursuant to clauses 5.3.3 or 5. 3.4 the Buyer shall place any unsold Goods in its possession or under its control at the disposal of the Seller and the Buyer hereby authorises the Seller using such force as may be reasonably necessary to enter upon the premises of the Buyer for the purpose of removing such Goods for re-sale or otherwise.

PASSING OF TITLE. 5.1 Notwithstanding the passing of risk in accordance with clause 4.1, title in the Goods shall not pass to the Buyer until payment in full has been received by the Seller for all Goods and for all other amounts outstanding from the Buyer to the Seller on any account whatsoever. 5.2 The Buyer is hereby licensed by the Seller to use or to agree to sell the Goods subject to the express condition that: 5.2.1 any sale by the Buyer of the Goods whether or not incorporated into other goods shall be made as agent on behalf of the Seller; 5.2.2 the percentage of the proceeds of sale made by the Buyer pursuant to clause Clause 5.2.1 which relates to the invoice price of the Goods sold shall be paid into a separate bank account and held in trust for the Seller and shall not be mixed with other monies or paid into an overdrawn bank account and shall at all times be identified as the Seller’s monies. 5.3 Until title to the Goods passes:- 5.3.1 The Buyer will hold the Goods as fiduciary agent and bailee for the Seller; 5.3.2 Subject to clause 5.2 the Goods shall be kept separate and distinct from all other property of the Buyer or of any third party and shall be stored (at no cost to the Seller) in such a way as to be clearly identifiable as belonging to the Seller; 5.3.3 The Seller may at any time revoke the power of sale and use contained in clause 5.2 by notice to the Buyer if the Buyer is in default for longer than 14 days in the payment of any sum whatsoever due to the Seller in respect of any Goods or if the Seller has bona fide doubts as to the solvency of the Buyer; 5.3.4 The Buyer’s power of sale and use contained in clause 5.2 shall automatically cease if the Buyer has a petition presented for its winding-up or passes a resolution for voluntary winding up other than for the purposes of a bona fide amalgamation or reconstruction or compounds with its creditors or has a receiver appointed of all or any part of its assets or becomes bankrupt or insolvent or enters into any arrangement with creditors or suffers from any similar action in consequence of debts or carries out or undergoes any analogous act or proceedings under foreign law; 5.3.5 Upon determination of the Buyer’s power of sale and use pursuant to clauses 5.3.3 or 5. 3.4 the Buyer shall place any unsold Goods in its possession or under its control at the disposal of the Seller and the Buyer hereby authorises the Seller using such force as may be reasonably necessary to enter upon the premises of the Buyer for the purpose of removing such Goods for re-sale or otherwise.

PASSING OF TITLE. 5.1 Notwithstanding the passing of risk in accordance with clause 4.1, title in the Goods shall not pass to the Buyer until payment in full has been received by the Seller for all Goods and for all other amounts outstanding from the Buyer to the Seller on any account whatsoever. 5.2 The Buyer is hereby licensed by the Seller to use or to agree to sell the Goods subject to the express condition that: 5.2.1 any sale by the Buyer of the Goods whether or not incorporated into other goods shall be made as agent on behalf of the Seller; 5.2.2 the percentage of the proceeds of sale made by the Buyer pursuant to clause Clause 5.2.1 which relates to the invoice price of the Goods sold shall be paid into a separate bank account and held in trust for the Seller and shall not be mixed with other monies or paid into an overdrawn bank account and shall at all times be identified as the Seller’s monies. 5.3 Until title to the Goods passes:- 5.3.1 The Buyer will hold the Goods as fiduciary agent and bailee for the Seller; 5.3.2 Subject to clause 5.2 the Goods shall be kept separate and distinct from all other property of the Buyer or of any third party and shall be stored (at no cost to the Seller) in such a way as to be clearly identifiable as belonging to the Seller; 5.3.3 The Seller may at any time revoke the power of sale and use contained in clause 5.2 by notice to the Buyer if the Buyer is in default for longer than 14 days in the payment of any sum whatsoever due to the Seller in respect of any Goods at the time by it to the Buyer or if the Seller has bona fide doubts as to the solvency of the Buyer; 5.3.4 The Buyer’s power of sale and use contained in clause 5.2 shall automatically cease if the Buyer has a petition presented for its winding-up or passes a resolution for voluntary winding up other than for the purposes of a bona fide amalgamation or reconstruction or compounds with its creditors or has a receiver appointed of all or any part of its assets or becomes bankrupt or insolvent or enters into any arrangement with creditors or suffers from any similar action in consequence of debts or carries out or undergoes any analogous act or proceedings under foreign law; 5.3.5 Upon determination of the Buyer’s power of sale and use pursuant to clauses 5.3.3 or 5. 3.4 the Buyer Buyer’s shall place any unsold Goods in its possession or under its control at the disposal of the Seller and the Buyer hereby authorises the Seller using such force as may be reasonably necessary to enter upon the premises of the Buyer for the purpose of removing such Goods for re-sale or otherwise.

PASSING OF TITLE. 5.1 Notwithstanding the passing of risk in accordance with clause 4.1, title in the Goods shall not pass to the Buyer until payment in full has been received by the Seller for all Goods and for all other amounts outstanding from the Buyer to the Seller on any account whatsoever. 5.2 The Buyer is hereby licensed by the Seller to use or to agree to sell the Goods subject to the express condition that: 5.2.1 any sale by the Buyer of the Goods whether or not incorporated into other goods shall be made as agent on behalf of the Seller; 5.2.2 the percentage of the proceeds of sale made by the Buyer pursuant to clause 5.2.1 which relates to the invoice price of the Goods sold shall be paid into a separate bank account and held in trust for the Seller and shall not be mixed with other monies or paid into an overdrawn bank account and shall at all times be identified as the Seller’s monies. 5.3 Until title to the Goods passes:- 5.3.1 The Buyer will hold the Goods as fiduciary agent and bailee for the Seller. For clarity, the Buyer has full discretion in establishing the subsequent sales price for the specified Goods to its customers. The Seller retains title solely as protection against the Buyer’s failure to pay; 5.3.2 Subject to clause 5.2 the Goods shall be kept separate and distinct from all other property of the Buyer or of any third party and shall be stored (at no cost to the Seller) in such a way as to be clearly identifiable as belonging to the Seller; 5.3.3 The Seller may at any time revoke the power of sale and use contained in clause 5.2 by notice to the Buyer if the Buyer is in default for longer than 14 days in the payment of any sum whatsoever due to the Seller in respect of any Goods or if the Seller has bona fide doubts as to the solvency of the Buyer; 5.3.4 The Buyer’s power of sale and use contained in clause 5.2 shall automatically cease if the Buyer has a petition presented for its winding-up or passes a resolution for voluntary winding up other than for the purposes of a bona fide amalgamation or reconstruction or compounds with its creditors or has a receiver appointed of all or any part of its assets or becomes bankrupt or insolvent or enters into any arrangement with creditors or suffers from any similar action in consequence of debts or carries out or undergoes any analogous act or proceedings under foreign law; 5.3.5 Upon determination of the Buyer’s power of sale and use pursuant to clauses 5.3.3 or 5. 3.4 the Buyer shall place any unsold Goods in its possession or under its control at the disposal of the Seller and the Buyer hereby authorises the Seller using such force as may be reasonably necessary to enter upon the premises of the Buyer for the purpose of removing such Goods for re-sale or otherwise.