Jayanta Bandyopadhyay (310 Points)
05 December 2021We 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
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 08 December 2021
That depends upon the agreement. Is it a lease?
Jayanta Bandyopadhyay
(310 Points)
Replied 08 December 2021
One is on lease and another on job work basis.
Please guide.
yasaswi gomes
(My grammar is 💯 good I)
(7290 Points)
Replied 09 December 2021
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
CAclubindia
