Common use of Transfer of ownership and risk Clause in Contracts

Transfer of ownership and risk. The Parts/Goods will continue to belong to us until paid for them in full. You will, however, be responsible for any loss of damage from when they are delivered to you, and should insure accordingly. A cheque will not be treated as payment until it has been cleared.

Transfer of ownership and risk. The Parts/Goods will continue to belong to us until the total Purchase Price has been paid for them in full. You will, however, be responsible for any loss of or damage from when they are delivered to you, you and should insure accordingly. A cheque will not be treated as payment until it has been cleared. Ownership of the Part Exchange Vehicle will transfer to us when you take delivery of the Goods.