Step 1 - This Contract is Between:

Party 1 (You)

Party 2 (Them)

Step 2 - Customize Your Contract

Question1 of 13

Next   Next
  • Download
  • View
  • Print
1 Ownership, Title and Risk of Loss (Deliverables)

OWNERSHIP, TITLE AND RISK OF LOSS (Deliverables) (Party-1 Sells) - At what point does ownership, title and risk of loss transfer to the customer?

Acceptance by Party-2.
Receipt by Party-2.
Shipment to Party-2.
Once a customer takes ownership and title to goods, if the goods are damaged or lost, then that becomes the customer's responsibility. Because of these consequences, the parties usually discuss and agree on the point where ownership, title and risk of loss are transferred to the customer. "Acceptance" is the point after the customer receives the Deliverables and has concluded that the Deliverables comply with the Agreement's requirements.