Notwithstanding anything to the contrary in any of the terms and conditions governing this Quotation / Contract, with the delivery of the goods / with the endorsement and / or delivery as the case may be of the bill of Lading / Railway Receipt / Delivery Order or other documents of title to goods or where the shipment is arranged by Purchaser with the handing over of the goods / documents to Purchaser or their agents, the property in the Contract goods will vest in the Purchaser unless otherwise expressly stipulated. However until the goods are fully paid for, the Purchaser agrees that the goods shall be subject to a charge or hypothecation in favour of the Vendor by way of security for their outstanding Contract dues, if any, and no creditor will be entitled to take them in execution nor will the assignee, receiver or liquidator of the Purchaser have any claim to them except subject to the said charge in favour of the Vendor nor any Bank shall have any claim to them under any hypothecation deed except, subject to said charge in favour of the Vendor for their outstanding Contract dues. In case default in payment of Vendor’s use or any installment thereof Vendor will have right to enter upon the premises where the Contract goods are lying or installed for the time being and retake physical possession of the same from the Purchaser without prejudice to Vendors’ other rights and remedies under the Contract and the Purchaser hereby agrees to give Vendor the necessary leave and license for same.
The risk in the goods will become the Purchaser’s from the time the goods allocated to Purchaser’s Contract are shipped / dispatched. Replacements will be subject matter of a fresh Contract on fresh terms. The Contract will be executed in respect of any goods comprised therein not lost or destroyed in transit. In cases where goods are not fully paid for whether at the time of shipment / dispatch or otherwise, Vendor may at his option take out insurance for an amount not less than full invoice value and continue the insurance until receipt of full payment by them and Purchaser agree to pay the relative premiums on demand.
