TIME OF DELIVERY 

In goods sale contracts, the time of delivery is not merely a physical event but also a critical legal milestone determining the transfer of rights and obligations between the seller and the buyer.

Under the Civil Code and the Commercial Law, unless otherwise agreed by the parties, ownership and risks associated with the goods are typically transferred at the time the goods are delivered to the buyer or to the first carrier.

This means that from the moment of delivery, the buyer bears the risk of loss or damage, and the obligation to make full payment under the contract arises.

In practice, accurately determining the time of delivery is particularly important in allocating liability when disputes arise.

If the goods are damaged before the transfer point, the seller shall be liable; conversely, once delivery is completed, the risk shifts to the buyer, except in cases where the damage is caused by the seller’s fault or breach of warranty or quality assurance obligations.

With respect to contractual performance, the law also allows parties to agree on penalties for late performance, particularly for delayed delivery or late payment.

In commercial transactions, penalty levels are typically capped at a certain percentage of the value of the breached obligation, and may be applied in parallel with compensation for damages if actual losses can be proven.

Therefore, clearly stipulating the time of delivery and penalty mechanisms in the contract not only helps control risks but also serves as an essential legal basis to protect the parties’ rights and interests throughout the transaction.