STORED MATERIALS AND EQUIPMENT Clause Samples
The "Stored Materials and Equipment" clause defines how materials and equipment that are purchased but not yet incorporated into the project are handled under the contract. It typically outlines the conditions under which the contractor can be paid for such items, such as requiring proper storage, insurance, and documentation to verify ownership and protection of the materials. This clause ensures that both parties understand the process for payment and risk allocation for materials stored off-site or on-site, thereby preventing disputes over ownership, responsibility, and payment timing.
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STORED MATERIALS AND EQUIPMENT. If approved by the Owner, applications for payment may include materials and equipment not incorporated into the Work but delivered to and suitably stored on-site, or off-site and applicable insurance, storage and transportation costs to the site. Approval of payment applications for stored materials and equipment shall be conditioned on submission by the Contractor of bills of sale and proof of applicable insurance, or such other procedures satisfactory to the Owner to establish the proper valuation of the stored materials and equipment, the Owner’s title to such materials and equipment, and to otherwise protect the Owner’s interests therein, including transportation to the site
STORED MATERIALS AND EQUIPMENT. If approved in advance by the Construction Manager, payments may be made on account of materials and equipment delivered and suitably stored at the Project Site for subsequent incorporation in the Work. If approved in advance by the Construction Manager, payment may similarly be made for materials and equipment suitably stored off the Project Site at a location agreed upon in writing. Payment for materials and equipment stored on or off the Project Site shall be conditioned upon compliance by the Contractor with procedures satisfactory to the Construction Manager to establish the Owner’s title to such materials and equipment or otherwise protect the Owner’s interest, and shall include applicable insurance, storage and transportation to the Project Site for such materials and equipment stored off the Project Site at a bonded warehouse. The amount of materials and equipment delivered and stored at the Project Site shall be limited in amount to what a reasonably prudent Contractor would pre-purchase and shall be subject to the prior written approval of the Construction Manager. The Contractor shall also comply with the following specific requirements:
(1) Title to such materials shall be vested in the Owner, as evidenced by documentation satisfactory in form and substance to the Construction Manager, including, without limitation, recorded financing statements, UCC filings and UCC searches.
(2) With each Application for Payment, the Contractor shall submit to the Construction Manager a written list identifying each location where materials are stored off the Project Site and the value of materials at each location and such other information and documentation as may be reasonably requested by Owner, the Owner’s representative, Project lender, or Construction Manager, including without limitation inventory matrices and photographs. The Contractor shall procure insurance satisfactory to the Construction Manager for materials stored off the Project Site in an amount not less than the total value thereof.
(3) The consent of any surety shall be obtained to the extent required prior to payment for any materials stored off the Project Site.
(4) The Construction Manager shall have the right to make inspections of the storage areas at any time.
(5) Such materials shall be (a) protected from conversion, destruction, theft and damage to the satisfaction of the Construction Manager, (b) specifically marked for use on the Project, and (c) segregated from other materials at...
STORED MATERIALS AND EQUIPMENT. Unless otherwise provided in the contract documents, applications for payment may include materials and equipment not yet incorporated into the Work but delivered to and suitably stored onsite or offsite including applicable insurance, storage, and costs incurred transporting the materials to an offsite storage facility. Approval of payment applications for stored materials and equipment stored offsite shall be conditioned on a submission by the Construction Manager of bills of sale and proof of required insurance, or such other documentation satisfactory to the Owner to establish the proper valuation of the stored materials and equipment, the Owner's title to such materials and equipment, and to otherwise protect the Owner's interests therein, including transportation to the Worksite.
STORED MATERIALS AND EQUIPMENT. Unless otherwise provided in the Subcontract Documents, applications for payment may include materials and equipment not incorporated into the Subcontract Work but delivered to and suitably stored at the site. Applications for payment may include materials and equipment delivered to and suitably stored off the site, if allowed under the Subcontract and properly approved. Approval of payment applications for materials and equipment stored on or off the site will be conditioned on submissions by the Subcontractor of bills of sale and applicable insurance or other procedures satisfactory to the Owner and Honeywell to establish the proper valuation of the stored materials and equipment, the Owner’s title to the materials and equipment, and to otherwise protect the Owner’s and Honeywell’s interests, including transportation to the site.
STORED MATERIALS AND EQUIPMENT. If approved by the Core Group, Constructor’s applications for payment may include materials and equipment not yet incorporated into the Work but delivered to and suitably stored at or off the Worksite including applicable insurance, storage, and transportation costs to the Worksite. Approval of payment applications for off-Worksite stored materials and equipment shall be conditioned on submission by Constructor of bills of sale and proof of applicable insurance or such other documentation satisfactory to Owner:
(a) to establish the proper valuation of the stored materials and equipment;
(b) demonstrating Owner’s title to such materials and equipment; and
(c) to otherwise protect Owner’s interests therein.
STORED MATERIALS AND EQUIPMENT. A. No applications shall be processed by Owner which includes amounts for stored materials. Owner shall not pay Contractor for stored materials.
1. For unit price contracts or components Contractor’s application for payment shall be based upon installed units identified on the bid form.
2. For lump sum price contracts or components Contractor’s application for payment shall be based upon approved schedule of values.
STORED MATERIALS AND EQUIPMENT. Stored materials and equipment may be included in the invoice provided the materials and equipment are properly stored in accordance with Section 5.17.9.3 and a complete invoice accompanies the invoice. Owner will not pay for materials or equipment storage.
STORED MATERIALS AND EQUIPMENT. Unless otherwise provided in the contract documents, applications for payment may include materials and equipment not incorporated into the Subcontract Work but delivered to and suitably stored at the site. Applications for payment may include materials and equipment delivered to and suitably stored off the site, if allowed under the POSA and properly approved. Approval of payment applications for materials and equipment stored on or off the site will be conditioned on submissions by the Subcontractor of bills of sale and applicable insurance or other procedures satisfactory to the Owner or Honeywell customer and Honeywell to establish the proper valuation of the stored materials and equipment, the Owner’s title to the materials and equipment, and to otherwise protect the Owner’s and Honeywell’s interests, including transportation to the site.
STORED MATERIALS AND EQUIPMENT. Unless otherwise provided in the Subcontract Documents, applications for payment may include materials and equipment not incorporated into the Subcontract Work but delivered to and suitably stored at the site. Applications for payment may include materials and equipment delivered to and suitably stored off the site, if allowed under the Contract and properly approved. Approval of payment applications for materials and equipment stored on or off the site shall be conditioned on submission by the Subcontractor of bills of sale and applicable insurance or such other procedures satisfactory to the Owner and Contractor to establish the proper valuation of the stored materials and equipment, and to otherwise protect the Owner’s and Contractor’s interests therein, including transportation to the site.
STORED MATERIALS AND EQUIPMENT. Unless otherwise provided in the Contract Documents, applications for payment may include materials and equipment not yet incorporated into the Work but delivered to and suitably stored onsite or offsite, including applicable insurance, storage and costs incurred transporting the materials to an offsite storage facility. Approval of payment applications for stored materials and equipment stored offsite shall be conditioned on submission by the Design-Builder of bills of sale and proof of required insurance, or such other procedures satisfactory to the Owner to establish the proper valuation of the stored materials and equipment, the Owner’s title to such materials and equipment, and to otherwise protect the Owner’s interests therein, including transportation to the site.