Buyer’s / Buyer’s Customer Property
Title to all property furnished to Supplier by Buyer or Buyer’s customer or paid for by Buyer or Buyer’s customer shall remain with Buyer or Buyer’s customer. Supplier shall not alter or use such property for any purpose or for any other party other than that specified by Buyer, without the prior written consent of Buyer. If Buyer agrees to pay Supplier for acquisition of tooling and equipment, either separately or as a stated part of the unit price of Products purchased herein, title to the same shall pass to Buyer upon (i) commencement of processing for use in performance of this Order, or (ii) Buyer payment therefore, whichever occurs first.
Supplier shall assume the risk of, and be responsible for, any loss, theft, destruction of or damage to Buyer or Buyer’s customer property while in Supplier’s possession or control. If Supplier damages any property, Supplier shall be responsible for making repairs at no cost to Buyer or Buyer’s customer. Upon Buyer’s written request to Supplier for any property under this clause, if Supplier cannot locate Buyer or Buyer’s customer property within five (5) days, Supplier shall notify Buyer that the item was not located and Supplier subsequently has twenty (20) days to find the misplaced property. After such period, if it has not been located, the property shall be deemed “lost” and at Buyer’s election, Supplier shall either reimburse Buyer for the replacement and all related delay costs or remake the lost property at no cost to Buyer.