Common use of PASSING OF TITLE Clause in Contracts

PASSING OF TITLE. (A) Upon the fall of the Auctioneer’s hammer, title of the offered Lot will pass to the highest Bidder acknowledged by the Auctioneer, subject to the conditions set forth herein, and at such time Buyer: (i) assumes full risk and responsibility for the Lot and neither BJAC nor its agents shall be responsible for the loss of, or any damage to, any article due to theft, fire, breakage or any cause whatsoever; (ii) will sign the contract of sale confirming purchase of the Lot and any related purchase documents; (iii) will pay the full purchase price plus applicable commission;