We offer 2 distinctive services in respect of Retention of Title (ROT) matters;
- Undertake a thorough review of your current ROT clause.
- Represent and act on our client’s behalf on any potential ROT claims.
A “retention of title” clause provides an opportunity that allows the supplier to retain ownership over the goods supplied until such time as certain conditions are met, thus providing the supplier with a form of security against the buyer’s default or insolvency.
Under the Sale of Goods Act 1979, where there is a contract for the sale of specific goods, the supplier can retain his right to ownership of those goods even though they have been delivered to the purchaser as long as all parties to the contract agree to this provision. For example, if it is stated in the contract, the supplier may retain the title to the goods until full payment is received. When valid, the supplier’s claim to any unused goods will be binding against any trustee or liquidator subsequently appointed.
The services we offer in respect of this matter two-fold;
- A well written and appropriate Retention of Title (ROT) clause will provide an element of security, should a buyer enter into insolvency and can allow the seller to recover the goods supplied that have not been paid for. We will undertake a thorough review of the client’s Terms & Conditions and relate these against the current business activity. We assess whether the existing ROT clause(s) are valid, appropriate and in keeping with current trading conditions. Various clauses that may be applicable include;
- All sums
- All monies
- Proceeds of sale
- Mixed goods
- We can advise and act on our clients behalf to ensure that all valid claim submissions are filed in a timely manner, that they are completed correctly, contain all the relevant detail, highlight and identify the appropriate clause(s) applicable to each claim and assist with both the on-site identification of goods and the documental aspects of all specific retention of title claims.