Capital Asset Control. In each Contract Year, the Service Provider shall conduct an audit of the Capital Improvements made in the prior Contract Year. Such audit shall measure the accuracy of the plant records, maps and maintenance databases concerning capital assets. Also, from time to time, the Service Provider shall conduct a physical inventory of all capital assets. All vehicles and equipment shall be purchased or leased in the name of LIPA and title to purchased vehicles and equipment shall be issued in LIPA’s name. As vehicles or other equipment are acquired for LIPA, the Service Provider shall forward all title documents to LIPA within thirty (30) days after they are received by the Service Provider.
Appears in 2 contracts
Sources: Operations Services Agreement, Operations Services Agreement