Equipment and Inventory Reporting Clause Samples

The Equipment and Inventory Reporting clause requires parties to regularly document and provide information about the equipment and inventory used or maintained under the agreement. Typically, this involves submitting periodic reports detailing the type, quantity, and condition of assets, and may include updates when items are added, removed, or replaced. This clause ensures transparency and accountability, helping both parties track resources and prevent disputes over asset management.
Equipment and Inventory Reporting. 4.3.1 Equipment is defined as tangible, non-expendable property with an acquisition cost that equals or exceeds the lesser of the capitalization level established by Grantee for financial statement purposes or $5,000, and a useful life of more than one year. Title to all equipment purchased from funds provided herein will be in the name of Grantee throughout the Grant Agreement term. Grantee must ensure that equipment items are used only to benefit the Family Violence Program or that costs are properly allocated. 4.3.2 Grantee must obtain prior written approval from HHSC for equipment purchases meeting the above definition. For each equipment item requested, Grantee must submit a detailed justification, which includes description of features, make and model, and cost. 4.3.3 Grantee will maintain a complete, accurate, and detailed property inventory listing. For equipment purchased with HHSC funds during the Grant Agreement period, Grantee must submit an inventory report to HHSC on a form prescribed by HHSC by the 15th day after the state fiscal year end date. 4.3.4 Grantee will administer a program of maintenance, repair, and protection of assets under this Grant Agreement so as to assure their full availability and usefulness. In the event Grantee is indemnified, reimbursed, or otherwise compensated for any loss of, destruction of, or damage to the assets provided under this Grant Agreement, it will use the proceeds to repair or replace said assets. 4.3.5 Upon termination or expiration of Grant Agreement, title to any remaining equipment purchased from funds under this Grant Agreement reverts to HHSC or any other party designated by HHSC. HHSC may, at its option and to the extent allowed by law, transfer title of such property to Grantee. 4.3.6 Grantee must follow the American Hospital Association's “Estimated Useful Lives of Depreciable Assets” for equipment disposition purposes, except when federal or statutory requirements supersede. After each item's end of its useful life, approval for disposition is not required. However, Grantee must ensure that disposition of any equipment and/or controlled asset is in accordance with the terms of the Grant Agreement such as compliance with Generally Accepted Accounting Principles. Failure to submit complete and accurate reports, submission of reports after the established due dates, and/or failure to respond to HHSC inquiries within the specified timelines may result in HHSC initiating one or more of the followin...
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Equipment and Inventory Reporting. BB.1 Equipment is defined as tangible non-expendable property with an acquisition cost that equals or exceeds the lesser of the capitalization level established by Grantee for financial statement purposes or $5,000, and a useful life of more than one year. Title to all equipment purchased from funds provided herein will be in the name of Grantee throughout the Contract term. Grantee must ensure that equipment items are used only to benefit the Abstinence Education Program or that costs are properly allocated.
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Related to Equipment and Inventory Reporting

  • Equipment and Inventory With respect to any Equipment and/or Inventory of an Obligor, each such Obligor has exclusive possession and control of such Equipment and Inventory of such Obligor except for (i) Equipment leased by such Obligor as a lessee or (ii) Equipment or Inventory in transit with common carriers. No Inventory of an Obligor is held by a Person other than an Obligor pursuant to consignment, sale or return, sale on approval or similar arrangement.

  • Inventory Reports Within 15 days after the close of each fiscal month of Customer, a copy of the Inventory Report (as and to the extent applicable, breaking out Inventory by location, and separately reporting any work in process) of Customer as of the end of such fiscal month;

  • As to Equipment and Inventory Grantor hereby agrees that it shall: (a) keep all the Equipment and Inventory (other than Inventory in transit and Inventory sold in the ordinary course of business) at the places therefor specified in Section 3.1.1 or, upon 30 days' prior written notice to Agent, at such other places in a jurisdiction where all representations and warranties set forth in Article III (including Section 3.1.6) shall be true and correct, and all action required pursuant to the first sentence of Section 4.1.7 shall have been taken with respect to the Equipment and Inventory; (b) with respect to any Equipment or Inventory in the possession or control of any Third Party or any of Grantor's agents, notify such Third Party or agent of Agent's security interest in such Equipment or Inventory and, upon Agent's request following the occurrence and during the continuance of an Event of Default, direct such Third Party or agent to hold all such Equipment or Inventory for Agent's account and subject to Agent's instructions; (c) cause the Equipment to be maintained and preserved in the same condition, repair and working order as when new, ordinary wear and tear excepted, and in accordance with any manufacturer's manual; and forthwith, or in the case of any material loss or damage to any of the Equipment, as quickly as practicable after the occurrence thereof, make or cause to be made all repairs, replacements, and other improvements in connection therewith which are necessary or desirable to such end; and promptly furnish to Agent a statement respecting any loss or damage to any of the Equipment within ten (10) business days after Grantor obtains knowledge of any such loss or damage; and (d) pay promptly when due all property and other taxes, assessments and governmental charges or levies imposed upon, and all claims (including claims for labor, materials and supplies) against, the Equipment and Inventory, except to the extent the validity thereof is being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with Generally Accepted Accounting Principles have been set aside.

  • Location of Equipment and Inventory All Equipment and Inventory are (i) located at the locations indicated on Schedule 4 (ii) in transit to such locations or (iii) in transit to a third party purchaser which will become obligated on a Receivable to the Debtor upon receipt. Except for Equipment and Inventory referred to in clauses (ii) and (iii) of the preceding sentence, the Debtor has exclusive possession and control of the Inventory and Equipment.

  • Inventory Records Each Loan Party keeps correct and accurate records itemizing and describing the type, quality, and quantity of its and its Subsidiaries’ Inventory and the book value thereof.