RIGHT OF OWNERSHIP OF EQUIPMENT Clause Samples

The Right of Ownership of Equipment clause establishes which party retains legal ownership of equipment used or provided under the agreement. Typically, this clause clarifies whether the equipment remains the property of the supplier or is transferred to the client, and may specify conditions for transfer, return, or purchase at the end of the contract. Its core function is to prevent disputes by clearly defining ownership rights, ensuring both parties understand their responsibilities regarding the equipment during and after the contractual relationship.
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RIGHT OF OWNERSHIP OF EQUIPMENT. The Customer is granted the same rights in respect of new equipment supplied under this Agreement as it was granted in respect of the original equipment, unless otherwise is agreed in Appendix 7.
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RIGHT OF OWNERSHIP OF EQUIPMENT. The Customer is granted the same rights in respect of new equipment and new components supplied under this Agreement as it was granted in respect of the original equipment or the original components, unless otherwise agreed in an Appendix. This shall also apply in case the Contractor is not the original supplier of the relevant equipment or component. The Contractor may only take ownership of replaced equipment or components if this would not be contrary to any statute, regulation, agreement or other legal impediment. Components that have been used for the storage of data shall always be retained by, or returned to, the Customer no later than upon the discharge of the Agreement, unless the parties have agreed procedures for secure deletion.
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RIGHT OF OWNERSHIP OF EQUIPMENT. ‌ Any equipment delivered pursuant to this Agreement shall become the property of the Customer from the date on which the equipment has been delivered as agreed and the purchase price has been paid. Any purchase-money security interest may be agreed in Appendix 7.
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Related to RIGHT OF OWNERSHIP OF EQUIPMENT

  • Ownership of Equipment Any equipment purchased by or furnished to the Grantee by the State under this grant agreement is provided on a loan basis only and remains the property of the State.

  • Ownership of Owner No 1.41: By a Deed of Conveyance dated 10th May, 2013 and registered in the Office of the Additional District Sub-Registrar, Chandannagore, Hooghly in Book No. I, CD Volume No.5, Pages from 4200 to 4217, being Deed No.01500 for the year 2013, Jubilant First Trust Healthcare Limited sold to Tricky Merchandise Private Limited, the Owner No. 1.41 herein, undivided 1/47th (one-forty seventh) share in the Said Property.

  • Ownership of the Leased Property Lessee acknowledges that the Leased Property is the property of Lessor and that Lessee has only the right to the possession and use of the Leased Property upon the terms and conditions of this Lease.

  • Ownership of Improvements All modifications, alterations and improvements made or added to the Leased Premises by Tenant (other than Tenant’s inventory, equipment, movable furniture, wall decorations and trade fixtures) shall be deemed real property and a part of the Leased Premises, but shall remain the property of Tenant during the Lease, and Tenant hereby covenants and agrees not to grant a security interest in any such items to any party other than Landlord. Any such modifications, alterations or improvements, once completed, shall not be altered or removed from the Leased Premises during the Lease Term without Landlord’s written approval first obtained in accordance with the provisions of Paragraph 6.1 above. At the expiration or sooner termination of this Lease, all such modifications, alterations and improvements other than Tenant’s inventory, equipment, movable furniture, wall decorations and trade fixtures, shall automatically become the property of Landlord and shall be surrendered to Landlord as part of the Leased Premises as required pursuant to Article 2, unless Landlord shall require Tenant to remove any of such modifications, alterations or improvements in accordance with the provisions of Article 2, in which case Tenant shall so remove same. Landlord shall have no obligations to reimburse Tenant for all or any portion of the cost or value of any such modifications, alterations or improvements so surrendered to Landlord. All modifications, alterations or improvements which are installed or constructed on or attached to the Leased Premises by Landlord and/or at Landlord’s expense shall be deemed real property and a part of the Leased Premises and shall be property of Landlord. All lighting, plumbing, electrical, heating, ventilating and air conditioning fixtures, partitioning, window coverings, wall coverings and floor coverings installed by Tenant shall be deemed improvements to the Leased Premises and not trade fixtures of Tenant.

  • Ownership of Software Other than the limited licenses set forth in this Agreement, any and all rights, title, and interest in and to the Software, and the intellectual property and proprietary rights to the Software, shall not pass to Customer, but shall remain the exclusive property of Spirent or its licensors.