17:10
where’s BC i’m scared
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LSDefine
Simple English definitions for legal terms
no arrival, no sale
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A quick definition of no arrival, no sale:
NO ARRIVAL, NO SALE: A term used in sales contracts where the seller is responsible for delivering the goods to a specific location and is also responsible for any damage or loss that may occur during transit. If the goods do not arrive or arrive damaged, the buyer can either cancel the contract or accept the goods at a discounted price.
A more thorough explanation:
Definition: No arrival, no sale is a delivery term that is included in some sales contracts. Under this term, the seller is responsible for delivering the goods to a specified place and bears the risk of loss for the goods while they are in transit. If the goods arrive damaged or late, the buyer can either avoid the contract or accept the goods at a discount.
Example: A company in New York orders 1000 units of a product from a manufacturer in China. The sales contract includes the no arrival, no sale term. The manufacturer ships the goods, but they are damaged during transit. The buyer can either cancel the contract or accept the goods at a discounted price.
Explanation: In this example, the buyer has the option to cancel the contract or accept the goods at a discounted price because the goods did not arrive in good condition. The no arrival, no sale term places the responsibility for the goods on the seller until they are delivered to the specified place. If the goods are damaged or lost during transit, the seller must bear the risk of loss.