Responsibilities of Ownership Sample Clauses

The "Responsibilities of Ownership" clause defines the duties and obligations that come with possessing or holding title to an asset, property, or item. Typically, this clause outlines who is responsible for maintenance, insurance, taxes, and any liabilities associated with the owned item from the moment ownership transfers. For example, if a buyer acquires equipment, they may be required to insure it and handle repairs once it is delivered. The core function of this clause is to clearly allocate responsibility and risk between parties, ensuring that both understand their respective roles and obligations after ownership changes hands.
Responsibilities of Ownership. (1) It shall be the obligation of the employee to protect his or her rights to an employee-owned work in accordance with applicable law. Nothing in this Agreement shall shift this obligation from the employee to the Board, the University, or the Union. Employees producing intellectual property are advised to inform themselves about relevant regulations. (2) Any opinions expressed in an employee-owned work shall be considered solely those of the employee(s) and shall not be taken as those of the Board, the University, or the Union. (3) Neither the Board nor the Union shall be held responsible for resolving any copyright dispute among multiple authors. Multiple authors are advised to agree among themselves in advance as to the interest of each in the ownership of the copyright to a work. (4) Prior to providing, marketing or selling an employee-owned work directly to another associate-, baccalaureate-, masters-, or doctorate-degree granting institution, the employee shall notify the ▇▇▇▇▇▇▇ and the Chapter President in writing of his or her intent to enter into such a transaction. Further, the employee is advised to be in compliance with Illinois Statute 110 ILCS 100/1, the University Faculty Research and Consulting Act, which requires that each full- time faculty employee obtain the prior written approval of the President, or designee, before undertaking, contracting for, or accepting anything of value for research or consulting services for any person or organization other than the University.
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Responsibilities of Ownership. Motiva shall have sole responsibility for its filters, filtering equipment, strainers, valves, piping, tankage and equipment located downstream of the Delivery Valve. MPL shall have sole responsibility for the Custody Meter and all of its filters, filter equipment, strainers, valves, piping, tankage and equipment located both upstream of the Custody Meter. Article 2 QUANTITY TRANSACTION RECORDS (“TICKETS”)
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Responsibilities of Ownership. A. Purchaser assumes all risks, responsibilities, liabilities and obligations of ownership for each Designated Property from and after the Transfer Effective Date for such Subject Property. Seller shall not be liable to Purchaser or any third party for any loss, costs, damage, harm, claim or lawsuit connected with the property for claims arising after the Transfer Effective Date. Purchaser shall indemnify, defend and hold Seller harmless with respect to any such harm or claim asserted against Seller after the Transfer Effective Date. B. Without limiting the protection afforded Seller under Paragraph A above, Purchaser shall indemnify, defend and hold Seller harmless with respect to claims asserted against Seller by reason of Seller's holding record title to any Subject Property during the period from the Transfer Effective Date through the date that the deed is recorded. C. Until Purchaser conveys a property to a subsequent owner, Purchaser shall ensure the property is secured and maintained, including ensuring the yard areas are clean, mowed (if there is a lawn) and safe. D. After the Transfer Effective Date, Purchaser is responsible for the risk of loss due to fire, casualty or other cause. If a property is damaged or destroyed by fire or other casualty after the Transfer Effective Date, Purchaser remains responsible for repairing all damage and for repaying Seller by the Payment Due Date. If Purchaser obtains insurance to cover this risk, Purchaser shall name Seller as a loss payee until payment of the Purchase Price. E. If any improvement on the Property is located within a Special Flood Hazard area designated by the Federal Emergency Management Agency, Purchaser shall obtain flood insurance covering all improvements on the property, whether now in existence or subsequently erected, in an amount equal to (a) the appraised value established under 3.3 less estimated land cost, or (b) the maximum limit of coverage made available under the National Flood Insurance Act of 1968, whichever is less. Upon resale to an eligible homebuyer, Purchaser shall (1) require that the homebuyer obtain and maintain flood insurance in the above amount during the period of the homebuyer’s ownership, and monitor to ensure compliance; and (2) inform the homebuyer, in documents evidencing the transfer of ownership, that (i) the homebuyer and any subsequent transferees must obtain and maintain flood insurance in the above amount during the life of the property, regardless of tra...
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Related to Responsibilities of Ownership

  • RESPONSIBILITIES OF OWNER The OWNER shall provide the information set forth in paragraph 6 of the attached “HDR Engineering, Inc. Terms and Conditions for Professional Services.”

  • Responsibilities of Contractor A. The Contractor shall perform all work on the described project as required by the Contract documents. The work to be performed includes the labor and services necessary to produce such replacement, and all materials, supplies, tools, transportation, equipment, and machinery required for replacement. B. This project bid includes all materials, labor and equipment to complete the reconstruction and resurfacing of streets as outlined in the Project Manual for WWREYN - ▇▇▇▇▇▇▇▇ SANITARY SEWER - PHASE 1 dated March 25th, 2021 as outlined in Attachment A.

  • RESPONSIBILITIES OF THE OWNER The Owner agrees to: Provide all documentation, records, and disclosures as required by law or required by the Agent to manage and operate the Property, and immediately notify the Agent if the Owner becomes aware of any change in such documentation, records or disclosures, or any matter affecting the habitability of the Property; Indemnify, defend, and hold harmless the Agent, and all persons in the Agent's firm, regardless of responsibility, from all costs, expenses suits, liabilities, damages, attorneys fees, and claims of every type, including, but not limited to, those arising out of injury or death of any person, or damage to any real or personal property of any person, including the Owner, for: Any repairs performed by the Owner or by others hired directly by the Owner; or Those relating to the management, leasing, rental, security deposit, or operation of the Property by the Agent, or any person in the Agent's company, or the performance or exercise of any of the duties, powers, or authorities granted to the Agent; This sub-section, and all rights to the Agent’s indemnification, shall be considered void if the Agent exemplifies any willful acts of gross negligence; Maintain the Property in a condition fit for human habitation as required by applicable State and local laws; Pay all interest on Tenants’ security deposits if required by applicable laws; Carry and pay for: Public and premises liability insurance in an amount of no less than one-million dollars ($1,000,000.00); and Property damage and worker’s compensation insurance adequate to protect the interests of the Owner and the Agent. The Agent shall be, and the Owner authorizes Agent to be, named as an additional insured party on the Owner’s policies; and Pay any late charges, penalties and/or interest imposed by lenders or other parties for failure to make payment only if the failure is due to insufficient funds in the Agent’s trust account available for such payment. In addition, the Owner agrees to replace any funds required if there are insufficient funds in the Agent’s trust account to cover such responsibilities of the Owner.

  • Responsibilities of Seller Anything herein to the contrary notwithstanding, the exercise by Agent, the Purchaser Agents and the Purchasers of their rights hereunder shall not release Servicer, any Originator or Seller from any of their duties or obligations with respect to any Receivables or under the related Contracts. The Purchasers shall have no obligation or liability with respect to any Receivables or related Contracts, nor shall any of them be obligated to perform the obligations of Seller.

  • Responsibilities of Covered Entity With regard to the use and/or disclosure of PHI by the Business Associate, Covered Entity hereby agrees: a. to inform the Business Associate of any limitations in the form of notice of privacy practices that Covered Entity provides to Individuals pursuant to 45 C.F.R. § 164.520, to the extent that such limitation may affect Business Associate’s use or disclosure of PHI. b. to inform the Business Associate of any changes in, or revocation of, the permission by an Individual to use or disclose PHI, to the extent that such limitation may affect Business Associate’s use or disclosure of PHI. c. to notify the Business Associate, in writing and in a timely manner, of any restriction on the use or disclosure of PHI that Covered Entity has agreed to or is required to abide by under 45 CFR § 164.522, to the extent that such restriction may impact in any manner the use and/or disclosure of PHI by the Business Associate under this Agreement. If the Business Associate receives a request to restrict the disclosure of PHI directly from an Individual, Business Associate shall notify Covered Entity of such request and Covered Entity shall be responsible for making the determination, in accordance with the Privacy, as to whether Business Associate shall comply with that request. d. Except if the Business Associate will use or disclose PHI for (and the Underlying Agreement includes provisions for) data aggregation or management, administration and legal activities and responsibilities of the Business Associate, the Covered Entity will not request Business Associate to use or disclose PHI in any manner that would not be permissible under the Privacy Rule if done by the Covered Entity.