We will be sending an high value capex item to one third party for some job work and it will stay their warehouse for about a month.
Is it our responsibility to take insurance coverage, if some damages takes place during job work. Or we can hold them responsible if any loss arises
Thanks
That depends upon the agreement. Is it a lease?
One is on lease and another on job work basis.
Please guide.
Usually in AS short term leases are like operating leases where risks and rewards are not transferred. If you have an agreement about damages, it is fine, or else better get insured
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
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