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Gatekeeper Contract and Vendor Management Glossary

Search common contracting language and take a deeper dive to discover what each means

Risk of Loss

Risk of loss is the allocation of responsibility for covering the Risk of damage to or loss of goods  after a sale has been completed, but before delivery.

If the seller bears risk of loss during transport, the seller has a responsibility to provide substitute goods should the goods get lost or destroyed in transit.

If the buyer bears risk of loss, the buyer generally must pay for the goods, even though they never arrive.