Common use of Facilities Ownership Option Clause in Contracts

Facilities Ownership Option. Under ART's Facilities Ownership Option, Purchaser, from and after the date of ART's delivery of a Completion Notice, shall bear the entire risk of loss, theft, destruction or damage of the Equipment or any portion of it from any cause whatsoever for the Equipment covered by such Notice. The total or partial destruction of any Equipment or the total or partial loss of use or possession by Purchaser shall not release or relieve Purchaser from the duty to pay the charges provided herein.