Common use of CENTRAL DEPOSITORY Clause in Contracts

CENTRAL DEPOSITORY. The vendor will establish and maintain during the term of this Contract a single depository in the State to be known as the central depository. A sufficient inventory of instructional materials adopted by the Board will constantly be kept in stock at the depository. The location and manager of the depository must be approved by the Board. The manager will give a bond to the Board in the amount of $10,000, securing the depository's faithful performance of this Contract. The vendor further agrees that the depository manager will be the agent of the vendor to perform services required by this Contract.