ACQUISITION AND ACCEPTANCE OF PROPERTY AND INTERESTS Clause Samples

The "Acquisition and Acceptance of Property and Interests" clause defines the process by which a party formally obtains ownership or rights to certain property or interests under an agreement. Typically, this clause outlines the conditions that must be met for the transfer to occur, such as delivery, inspection, or approval of the property, and may specify documentation or timing requirements. Its core function is to ensure that both parties clearly understand when and how property or interests are transferred, thereby reducing disputes over ownership and clarifying responsibilities at the point of transfer.
ACQUISITION AND ACCEPTANCE OF PROPERTY AND INTERESTS. (1) An agreement with an eligi- ble entity or entities under this section shall provide for— (A) the acquisition by the entity or entities of all right, title, and interest in and to any real property, or any lesser interest in the property, as may be appropriate for purposes of this section; and (B) the sharing by the United States and the entity or entities of the acquisition costs in accordance with paragraph (3). (2) Property or interests may not be acquired pursuant to the agreement unless the owner of the property or interests consents to the acqui- sition. (3) An agreement with an eligible entity under this section may provide for the management of natural resources on real property in which the Secretary concerned acquires any right, title, or interest in accordance with this subsection and for the payment by the United States of all or a portion of the costs of such natural resource management if the Secretary concerned deter- mines that there is a demonstrated need to pre- serve or restore habitat for the purpose de- scribed in subsection (a)(2). (A) The Secretary concerned shall deter- mine the appropriate portion of the acquisition costs to be borne by the United States in the sharing of acquisition costs of real property, or an interest in real property, under paragraph (1)(B). (B) In lieu of or in addition to making a mone- ▇▇▇▇ contribution toward the cost of acquiring a parcel of real property, or an interest therein, pursuant to an agreement under this section, the Secretary concerned may convey, using the authority provided by section 2869 of this title, real property described in paragraph (2) of sub- section (a) of such section, subject to the limita- tion in paragraph (3) of such subsection. (C) The portion of acquisition costs borne by the United States under subparagraph (A), ei- ther through the contribution of funds or excess real property, or both, may not exceed an amount equal to, at the discretion of the Sec- retary concerned— (i) the fair market value of any property or interest in property to be transferred to the United States upon the request of the Sec- retary concerned under paragraph (5); or (ii) the cumulative fair market value of all properties or interests to be transferred to the United States under paragraph (5) pursuant to an agreement under subsection (a). (D) The portion of acquisition costs borne by the United States under subparagraph (A) may exceed the amount determined under subpara- graph (C), but only if— (...
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ACQUISITION AND ACCEPTANCE OF PROPERTY AND INTERESTS. (1) An agreement with an eligi- ble entity or entities under this section shall provide for— (A) the acquisition by the entity or entities of all right, title, and interest in and to any real property, or any lesser interest in the property, as may be appropriate for purposes of this section; and (B) the sharing by the United States and the entity or entities of the acquisition costs in accordance with paragraph (3). (2) Property or interests may not be acquired pursuant to the agreement unless the owner of
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Related to ACQUISITION AND ACCEPTANCE OF PROPERTY AND INTERESTS

  • Inspection and Acceptance of Commodities The services provided by Contractor are not anticipated to include the provision of commodities. In the event commodities are offered under this contract, these provisions shall apply.

  • ACCEPTANCE OF PROPERTY Buyer, upon accepting Title or transfer of possession of the Property, shall be deemed to have accepted the Property in its then condition. No warranties, expressed or implied, by ▇▇▇▇▇▇▇, or Seller’s Broker and/or their associated licensees, with reference to the condition of the Property, shall be deemed to survive the Closing.

  • Inspection and Acceptance Where the Master Agreement, a Participating Addendum, or an Order does not otherwise specify a process for inspection and Acceptance, this section governs. This section is not intended to limit rights and remedies under the applicable commercial code. Contractor shall provide right of access to the Lead State, or to any other authorized agent or official of the Lead State or other Participating or Purchasing Entity, at reasonable times, in order to monitor and evaluate performance, compliance, and quality assurance requirements under this Master Agreement. Upon delivery, the Purchasing Entity shall have 30 days to inspect. Products that do not meet specifications may be rejected. Failure to reject upon receipt, however, does not relieve the contractor of liability for material (nonconformity that substantially impairs value) latent or hidden defects subsequently revealed when goods are put to use. Acceptance of such goods may be revoked in accordance with the provisions of the applicable commercial code, and the Contractor is liable for any resulting expense incurred by the Purchasing Entity related to the preparation and shipping of Product rejected and returned, or for which Acceptance is revoked. If any services do not conform to contract requirements, the Purchasing Entity may require the Contractor to perform the services again in conformity with contract requirements, at no increase in Order amount. When defects cannot be corrected by re-performance, the Purchasing Entity may require the Contractor to take necessary action to ensure that future performance conforms to contract requirements; and reduce the contract price to reflect the reduced value of services performed. The warranty period shall begin upon Acceptance. The Purchasing Entity will make every effort to notify the Contractor, within thirty (30) calendar days following delivery, of non-acceptance of a Product or completion of Service. In the event that the Contractor has not been notified within 30 calendar days from delivery of Product or completion of Service, the Product and Services will be deemed accepted on the 31st day after delivery of Product or completion of Services. This clause shall not be applicable, if acceptance testing and corresponding terms have been mutually agreed to by both parties in writing. Acceptance Testing may be explicitly set out in a Master Agreement to ensure conformance to an explicit standard of performance. Acceptance Testing means the process set forth in the Master Agreement for ascertaining that the Product meets the standard of performance prior to Acceptance by the Purchasing Entity. If Acceptance Testing is prescribed, this subsection applies to applicable Products purchased under this Master Agreement, including any additional, replacement, or substitute Product(s) and any Product(s) which are modified by or with the written approval of Contractor after Acceptance by the Purchasing Entity. The Acceptance Testing period shall be thirty (30) calendar days or other time period identified in this Master Agreement or the Participating Addendum, starting from the day after the Product is delivered or, if installed, the day after the Product is installed and Contractor certifies that the Product is ready for Acceptance Testing. If the Product does not meet the standard of performance during the initial period of Acceptance Testing, Purchasing Entity may, at its discretion, continue Acceptance Testing on a day-to-day basis until the standard of performance is met. Upon rejection, the Contractor will have fifteen (15) calendar days to cure the standard of performance issue(s). If after the cure period, the Product still has not met the standard of performance, the Purchasing Entity may, at its option: (a) declare Contractor to be in breach and terminate the Order; (b) demand replacement Product from Contractor at no additional cost to Purchasing Entity; or, (c) continue the cure period for an additional time period agreed upon by the Purchasing Entity and the Contractor. Contractor shall pay all costs related to the preparation and shipping of Product returned pursuant to the section. No Product shall be deemed Accepted and no charges shall be paid until the standard of performance is met. The warranty period shall begin upon Acceptance.

  • CONVEYANCE OF MORTGAGE LOANS; REPRESENTATIONS AND WARRANTIES Section 2.01 Conveyance of Mortgage Loans................................. Section 2.02 Acceptance by the Trustee of the Mortgage Loans...........

  • Conveyance of Property In exchange for the payment of both the Purchase Price and the Buyer’s Premium in accordance with Sections 1 and 2 above, Oceaneering shall issue to Buyer a ▇▇▇▇ of Sale in the form attached hereto as Schedule 2 and incorporated herein for all purposes, whereby Seller shall TRANSFER, CONVEY, SELL, DELIVER and ASSIGN to Buyer the Property in its present condition and location, free and clear of all liens, claims and other encumbrances. The ▇▇▇▇ of Sale may be issued electronically and Title to the Property, including all risk of loss, shall transfer to Buyer immediately upon receipt of the ▇▇▇▇ of Sale. The date on which Sellers issue the ▇▇▇▇ of Sale to Buyers shall hereinafter also be referred to as the “Closing Date”.