ABSTRACT
A contract of sale of goods is defined by the Sale of Goods Act (SOGA) 1979 as a contract by which the seller transfers or agrees to transfer the property in goods to the buyer for a money consideration. The transfer of property in international trade is of the utmost importance in case the seller or the buyer becomes insolvent after the contract on shipment terms is concluded. The seller may retain the property of the goods by virtue of explicit contractual stipulations which are devised to specify the conditions which must be fulfilled in order for the property to pass. Within the context of contracts concluded on shipment terms, implied reservations of title have been identified in relation to the form and utilisation of bills of lading. Security for sellers vis-a-vis non-payment by buyers lies at the core of the "Romalpa" clauses, allowing the seller to repossess the goods in the case that the buyer subsequently goes into bankruptcy.
