Article 10
Retention of title
10.1The delivered items shall not become the property of the Buyer until it has settled all amounts and claims that might accrue to or be vested in the Seller under all (earlier or subsequent) sales contracts with the Buyer and/or pursuant to any services or work performed or to be performed by the Seller.
10.2The Buyer shall keep and store the items supplied or delivered subject to retention of title with the necessary care, separately and as recognisably the Seller’s property. The Buyer shall take out and retain adequate insurance cover for the items delivered or supplied subject to retention of title against the risk of fire, theft and any other loss and/or damage, and shall produce the policy for this insurance at the Seller’s request.
10.3The Buyer is obliged, within reasonable limits, to cooperate in all measures which the Seller wishes to take to protect the delivered items and/or its right of ownership of such items.
10.4The Buyer shall notify the Seller immediately in writing in the event any third party attaches the items that have been delivered subject to the retention of title or wishes to establish or enforce rights in respect of such items.
10.5For as long as the delivered items are subject to the retention of title, the Buyer is solely permitted to undertake its own modification or processing of or to resell delivered items in the ordinary course of its business. The Buyer may not pledge the items subject to the retention of title, nor may it otherwise encumber such items. After modification or processing of the aforementioned items, the Seller shall become the (joint) owner of the items wholly or partly created in this manner and the Buyer will automatically hold such items on the Seller’s behalf.
10.6In the event the Seller notwithstanding the third sentence of article 10.5 of these Terms and Conditions does not acquire ownership of the items created by the Buyer, the Buyer will on first demand by the Seller lend any assistance required for the creation of a pledge, non-possessory or otherwise, (where applicable, jointly accruing to other entitled parties) on the items concerned for the benefit of the Seller.
10.7If the Buyer fails to meet its payment obligations, or fails to meet them in good time, or if there is a reasonable fear that this will happen, the Seller may remove, or have removed, from the Buyer or any third party holding the item on the Buyer’s behalf any delivered items that are subject to the retention of title referred to in paragraph 1 above, the items referred to in paragraph 4 above as well as any items referred to in paragraph 5 above that are encumbered by a non-possessory pledge. The Buyer is obliged to render all assistance in this regard, subject to a penalty of 10% of the amount owed by it to the Seller, with a minimum of €250, for every day or part of a day that the Buyer fails to perform this obligation.