| 7.1 | Risk of damage to or loss of the Goods will pass to the Client on Delivery. Legal and beneficial ownership of the Goods will not pass to the Client until the Company has received in full in cleared funds all sums due in respect of the Goods, and all other sums which are, or which become due to the Company from the Client on any account whatsoever. | |
| 7.2 | Until ownership of the Goods has passed to the Client, the Client will hold the Goods on a fiduciary basis as the Company’s bailee and note the Company’s interest in the Goods on the Client’s relevant insurance policy, store the Goods (at no cost to the Company) separately from all other goods in such a way that they remain readily identifiable as the Company’s property, not destroy, deface or obscure any identifying mark or packaging on or relating to the Goods, not, without the Company’s prior written consent, annex any Goods to the Client’s premises, maintain the Goods in satisfactory condition; and keep the Goods insured for their full price against damage or loss on an “all risks” basis with insurers approved by the Company, (acting reasonably), whenever requested by the Company produce a copy of the policy of insurance in respect of the Goods to the Company, do nothing and not omit to do anything which in consequence permits any insurer to refuse to indemnify the Client in full in accordance with the terms of any insurance policy maintained in respect of the Goods in respect of any claim made under any such insurance policy and ensure that any insurance proceeds received by the Client under the relevant policy are applied to repairing damaged Goods or, in the event that they are not so applied, hold such proceeds on trust for the Company. | |
| 7.3 | If the Client resells any Goods, the Client will hold such part of the proceeds of sale as represents the amount owed by the Client to the Company in trust for the Company and will account to the Company accordingly. | |
| 7.4 | The Client’s right to possession and use of the Goods will terminate immediately if, before ownership of the Goods passes to the Client in accordance with Condition 7.1: | |
| 7.4.1 | the Client become Insolvent; | |
| 7.4.2 | the Company gives the Client written notice that it has any concerns regarding the Client’s financial standing; | |
| 7.4.3 | the Client fails to pay any sum due to the Company under the Contract on or before the due date; | |
| 7.4.4 | the Client encumbers or in any way charges any of the Goods; or | |
| 7.4.5 | the Contract expires or terminates for any reason. | |
| 7.5 | The Client grants and will procure that the owner of any relevant third-party premises grants, the Company, its agents, employees and sub-contractors an irrevocable licence at any time to enter any premises where the Goods are or may be stored in order to inspect them, or, where the Client’s right to possession, use and resale has terminated, to recover them. | |
| 7.6 | The Company’s rights contained in this Condition 7 will survive expiry or termination of the Contract however arising. |
