Legal Definitions - take delivery

Take Delivery

To "take delivery" means to formally receive possession of goods, services, or assets that have been purchased, ordered, or are due to be transferred. It signifies the point at which the responsibility for the item often shifts from the seller or provider to the buyer or recipient.

Here are a few examples illustrating this concept:

• Example 1: Receiving an Online Purchase
  Imagine you order a custom-designed piece of furniture from an online artisan. When the delivery truck arrives at your home and you sign the manifest confirming receipt of the undamaged item, you have officially taken delivery of the furniture. This action confirms that the item has been transferred into your possession and care.

• Example 2: Commercial Shipment of Raw Materials
  A manufacturing company places a large order for specialized steel from a supplier. When the steel arrives at the factory's loading dock, and the receiving department inspects the shipment against the purchase order and unloads it into the warehouse, the company has taken delivery of the raw materials. At this point, the steel is officially under the manufacturer's control and responsibility.

• Example 3: Acquiring Financial Securities
  An investor decides to buy a certain number of shares in a publicly traded company through their brokerage account. Once the trade is executed and the shares are credited to their account, the investor has taken delivery of those securities. Even though the shares are held electronically, this signifies the legal transfer of ownership and possession to the investor.