Common use of Hardware Return Clause in Contracts

Hardware Return. For LVT owned hardware: at the end of the Term or upon termination of this Agreement, Customer may elect to either, 1) at its expense, with insurance and freight prepaid, return all of the Hardware to a location designated by LVT or 2) have LVT take possession of the Hardware and charge Customer its costs to collect the Hardware plus 1.0%. All Hardware must be in good condition and repair (ordinary wear and tear excepted). Customer shall have no right of purchase and no equity in the Hardware by reason of this Agreement or other operation of law.