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The act of point in place or time at which ownership of a thing is passed from one person to another. In international trade, this usually specified in the international sale contract by statements like:
- “Seller and buyer agree that title for the contact of goods will pass to the buyer when they have been shipped from the seller´s premises”, or
- “Seller and buyer agree that title for the contact of goods will pass to the buyer when they have been arrived at ………”, or
- “Seller and buyer agree that the seller will continue to own the contract goods until such time as payment for them has been received.
In some case, a title-bearing document is created through the shipment process; for instance, shipments covered by a negotiable marine bill of lading. Also called title transfer. Model of International Sale Contract.
