Buy And Sell Agreement Page 5
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118
DELIVERY
Against payment of the purchase price referred to in clause 6 as contemplated
in clause 7, the seller shall deliver a completed cession of policy document in
the form of the pro forma cession of policy document annexed hereto as
Appendix 1, as well as the policy to the purchaser at [_________________ ],
which delivery the purchaser shall accept.
9
RISK AND BENEFIT
9.1
All rights, title and interest to the policy shall pass to the purchaser on the
effective date.
9.2
Ownership of the policy shall pass to the purchaser with effect from the
effective date and the completed cession of policy document referred to in
clause 8 shall be forwarded to the insurer, in order to amend the policy by
way of an endorsement to reflect the purchaser as the holder and owner of
the policyholder and removing the seller as holder and owner of the policy.
The purchaser shall with effect from the effective date be responsible to
notify the insurer of any beneficiaries which he wishes to nominate for
purposes of the policy.
10 WARRANTIES
The seller hereby warrants to the purchaser that: –
10.1
10.1.1
the seller is the true and lawful owner and holder of the policy;
10.1.2
subject to the provisions of 4.1, the seller is and will be entitled to
dispose of the policy;
JDW {2004-02-01]
Seller initial
:
Witness initial
:
Purchaser initial
:
Witness initial
:
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