Assets Management Clause Samples
The Assets Management clause defines the responsibilities and procedures for handling, maintaining, and overseeing assets involved in the agreement. It typically outlines how assets should be tracked, who is responsible for their upkeep, and the standards for their use or return. For example, it may require regular inventory checks or specify protocols for reporting damage or loss. The core function of this clause is to ensure accountability and proper stewardship of assets, thereby minimizing disputes and losses related to asset misuse or mismanagement.
Assets Management. (1) Party A shall deliver the list of all its assets on December31, 2014(“Base Date”)to Party B, within 10 businessdays after the effective date of this Agreement and undertake it has no action adversely affecting such assets after the BaseDate and before the execution of this Agreement. Party B has the right to use such assets for the necessary operation scope.
(2) Within the term of the entrusted operation, Party A shall not transfer the assets ofParty A or reduce their value, unless otherwise arising in the ordinary course ofbusiness of Party A and obtaining approval from Party B.
Assets Management. 8.1 Party A shall deliver all its assets audited on December 31, 2008 (“Base Date”) to Party B (the assets list attached hereunder as Exhibit A) and undertake it has no action adversely affecting the above-mentioned assets after the Base Date and before the execution of this Agreement.
8.2 Within the Management Consulting Period, Party B shall not transfer the assets of Party A or reduce the same.
8.3 Party B shall undertake that, within the Management Consulting Period, the existing assets of Party A are used only for the operation of the existing business, and with its advanced management and by means of expanding production and operation scale and financing, have the assets of Party A achieve the purpose of maintaining and increasing value.
Assets Management. Assets with a unit cost exceeding US$3,000 and a useful life of more than one year must be documented in an asset register. Regarding items valued below US$3,000, the Implementing Partner should follow its organizational policy on inventory recording. At the end of this Agreement, the Implementing Partner will seek the Organization’s approval for proposed actions relating to the disposal of assets. In addition to the above, the following Annexes to the Agreement are replaced by the revised versions attached to this Amendment: ☒ Annex 2 – Scope of Work ☒ Annex 3 – Schedule of Reporting and Disbursements ☒ Annex 4 –Budget and Financial Reporting Templates This Amendment is incorporated by reference into the Agreement. Except as modified by this Amendment, all other provisions of the Agreement and subsequent Amendments to the Agreement shall remain in full force and effect. The Implementing Partner hereby acknowledges receipt of a copy of this Amendment. By signing below, the Implementing Partner accepts all agreed modifications to the Agreement and all unchanged terms and provisions. Receipt by the Organization of acceptance in writing of these terms and conditions will constitute an integral part of the Agreement. SCOPE OF WORK
Assets Management. 1. The Center does not have financial autonomy. Goods purchased from the Center or leased to the Center are inventoried at the member universities in which they are allocated, as well as reported, for recog- nition, with an indication of the physical place of allocation, in the uni- tary Inventory Registers held by the supporting department, according to the provisions of Law no. 240/2010 and the implementation ▇▇- ▇▇▇▇▇ on cost accounting and one-budget, as well as the Regulations of administration, finance and accounting of the University where the administrative headquarters of the Center are.
2. The consignee of the inventory goods at the department providing accounting and administrative support is also the consignee in charge of the custody of the goods acquired by or leased to the Center. For inventory goods allocated at another university, the Head of the local Scientific Section of the member university is jointly responsible with the said consignee.
3. Annually, at the end of the financial year, the consignee of the goods inventoried at the department providing administrative and accounting support, updates the records on the Inventory Registers of the assets acquired by the Center or leased to the Center, indicating their position (place of physical allocation).
4. At the time of dissolution, even anticipated, of the Center or with- drawal of members, the governing bodies of the member universities approve, upon proposal of the Scientific Council, the allocation of as- sets acquired by the Center, taking into account the requirements of the scientific research activities and of the unit where the single assets are used.
Assets Management. Items having a unit cost of more than US$2,500 and a useful life of more than one year are considered assets and must be recorded on an asset register. For items with a value below US$2,500, the Implementing Partner should follow its organizational policy on inventory recording. At the end of this Agreement, the Implementing Partner will seek the Organization’s approval for proposed actions relating to the disposal of assets.