Contractual term providing some security in unused goods if the debt is unpaid
Legal arrangement under which a seller of goods delivers these goods "on consignment" into someone's custody but ownership remains with the seller until he is paid. Retention of title allows the seller to repossess the goods whenever desired and to establish a claim against the custodian if the goods are sold or used without being paid for.
A provision under a contract for the supply of goods which purports to reserve ownership of the goods with the supplier until the goods have been paid for. A complex and continually evolving area of law.
Suppliers of goods, often have standard terms and conditions whereby they retain ownership/title of the goods they have supplied, until they have been paid for them.
A seller of goods will often wish to retain ownership of goods until the money for those goods (or even all money owed to him by the buyer) has been paid. In addition he may seek to recover possession of the goods if the buyer becomes insolvent or the goods appear to be otherwise imperilled. If the goods are in their original form, enforcement is relatively easy. However if the goods have been processed or sold, then claiming ownership of mixed goods or the proceeds of sales can be legally problematic.