Common use of Asset Contribution Clause in Contracts

Asset Contribution. i. The following assets and depots shall be contributed by the respective Authorities and have a rental value assigned to them based on the terms of the lease granted for that depot by the relevant Authority to the Service Provider. That value shall be determined by an independent valuer, approved by the Authorities, and the methodology and approach to undertaking the valuation shall be agreed by the Authorities. The total of all such values shall be borne by the Authorities in accordance with their Partnership Share and shall be included in the Annual Budget and payable in accordance with clause 32. Mill Road Depot, Mill Road, Esher, Surrey (Elmbridge) ▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ (Mole Valley) ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇ Depot, Monument Way East, Woking, Surrey (Woking) ▇▇ ▇▇▇▇▇ ▇▇▇▇, Camberley, Surrey (Surrey Heath) ii. In providing such an Asset, the providing Authority shall, and warrants and represents for the benefit of the other Authorities the same, that the Asset is provided in a statutorily compliant condition. Any costs incurred by the providing Authority to satisfy this obligation are the liability of the providing of the Authority. iii. Should the providing Authority wish to, or be requested to, make further capital investments or other improvements to its Asset, the proposed improvement or capital investment must be evidenced by a clear business case demonstrating the benefits for the Authorities under the Joint Contract and approved by the Contract Partnering Board. If approved, the providing Authority shall fund the costs of such improvements, but shall have the right to charge the financing costs to the Authorities at 2.5% over its cost of funding (as at the date the funding is first drawn down) and shall be recharged to the Authorities using the Partnership Share for the term of the lifetime of the improvement iv. Should the providing Authority wish to withdraw an Asset in accordance with the provisions of the Joint Contract, it shall reprovide an alternative Asset (which may be in partnership with another Authority), unless otherwise agreed by the Contract Partnering Board.