# Risk of Loss Agreement
**This Risk of Loss Agreement (the "Agreement") is made and entered into as of [Date], by and between:**
**Seller:**
[Seller's Name]
[Seller's Address]
[Seller's City, State, Zip]
[Seller's Email]
[Seller's Phone Number]
**and**
**Buyer:**
[Buyer's Name]
[Buyer's Address]
[Buyer's City, State, Zip]
[Buyer's Email]
[Buyer's Phone Number]
## 1. Background
This Agreement outlines the terms related to the risk of loss for the goods being sold from the Seller to the Buyer identified below.
## 2. Description of Goods
The Seller agrees to sell and the Buyer agrees to purchase the following goods (the "Goods"):
- [Description of Goods]
- [Quantity]
- [Price]
## 3. Risk of Loss
The following provisions shall apply to the risk of loss for the Goods:
1. **Transfer of Risk:**
- The risk of loss or damage to the Goods shall pass to the Buyer upon [specify the condition under which the risk of loss transfers, e.g., delivery to carrier, receipt by Buyer, etc.].
2. **Insurance:**
- Until the risk of loss has transferred to the Buyer, the Seller shall maintain adequate insurance coverage for the Goods. The Buyer is advised to procure their own insurance coverage for the Goods after the risk has transferred.
3. **Notification of Loss or Damage:**
- The Seller shall notify the Buyer immediately upon becoming aware of any loss or damage to the Goods prior to the transfer of risk.
## 4. Indemnification
The Buyer agrees to indemnify and hold harmless the Seller from any claims, losses, damages, or liabilities incurred by the Seller as a result of the Buyer’s actions or inactions relating to the Goods after the risk has transferred to the Buyer.
## 5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
## 6. Entire Agreement
This Agreement constitutes the entire understanding between the parties with respect to the subject matter contained herein and supersedes all prior agreements, negotiations, and discussions.
## 7. Amendments
This Agreement may be amended only in writing and signed by both parties.
## 8. Severability
If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
## 9. Signatures
**IN WITNESS WHEREOF**, the parties hereto have executed this Risk of Loss Agreement as of the date first above written.
**Seller:**
_____________________________
[Seller's Name]
Date: _______________
**Buyer:**
_____________________________
[Buyer's Name]
Date: _______________
---
*This document is for informational purposes only and should not be construed as legal advice. It is advisable to consult with a qualified attorney when drafting legal agreements.*