Common use of ASSETS Inventory of the Assets Clause in Contracts

ASSETS Inventory of the Assets. 18.1. Subject to any special conditions in the Grant Offer Letter, the Grantee must agree in advance with the Department any plans to purchase or improve any Fixed Assets at a cumulative cost exceeding £1,000 and must keep a register of all Fixed Assets acquired or improved at an individual cost exceeding £1,000, wholly or partly using the Grant provided under the Grant Funding Agreement. Where the cost of purchasing or improving the Fixed Assets is less than £1,000 authorisation is not required, but the Asset should as appropriate be recorded on the fixed asset register.