Common use of Disposal Requiring Prior Approval Clause in Contracts

Disposal Requiring Prior Approval. When Grantee, or any of its subgrantees, wishes to dispose of equipment purchased using funds under this Agreement, having an original cost of more than $5,000, and which has a current pre-unit, fair-market value of more than $5,000, Grantee must submit a written notification to the appropriate Agency’s Program Coordinator with a copy to the Agency’s Financial Compliance Monitor. If Agency consents, Agency will provide instructions regarding the method of disposition. Agency reserves the right to refuse to consent to such disposal and the right to object to the timing of each disposition. Such disposition, if permitted, must be done in a manner consistent with the property management standards for equipment of the Agency from which the original funding was received. In the case of mixed funding sources, the most restrictive standards must apply.

Disposal Requiring Prior Approval. When Grantee, or any of its subgrantees, wishes to dispose of equipment purchased using funds under this Agreement, having an original cost of more than $5,000, and which has a current pre-unit, fair-market value of more than $5,000, Grantee must submit a written notification to the appropriate Agency’s Program Coordinator with a copy to the Agency’s Financial Compliance Monitor. If Agency consents, Agency will provide instructions regarding the method of disposition. Agency reserves the right to refuse to consent to such disposal and the right to object to the timing of each disposition. Such disposition, if permitted, must be done in a manner consistent with the property management standards for equipment of the Agency from which the original funding was received. In the case of mixed funding sources, the most restrictive standards must apply.