Common use of Care, Custody and Control Clause in Contracts

Care, Custody and Control. (i) Except as otherwise specifically provided for in a LNTP, after the Financial Close Date and prior to the Project Completion Date, the Developer will (A) have care, custody and control of the Design Build Right of Way for the Project Assets and (B) be responsible for the security and protection of active construction areas on the Project Assets and the Project Right of Way and (1) all materials, equipment, supplies and any other property of any Developer Party and (2) all materials, equipment, supplies and any other property of the Department being held in a secure location at or on the Project Assets or otherwise being used or procured in connection with the Work, whether or not on the Project Right of Way. (ii) Through the coordination process described in Section 8.07, the Developer and the Department will determine from time to time which portions of the Existing Lanes will be open for traffic or under construction. (iii) On and after the Project Completion Date to the end of the Term, the Developer will have care, custody and control of the Project Assets (other than the Transferred Project Assets and the Department Shared Assets). (iv) On the Project Completion Date, the Developer will transfer ownership of the Transferred Project Assets to the Department, at which time all care, custody and control and risk of loss (other than as covered by any applicable warranty) for the Transferred Project Assets will vest with the Department.

Care, Custody and Control. (i) Except as otherwise specifically provided for in a LNTP, after the Financial Close Date and prior to the Project Completion Date, the Developer will (A) have care, custody and control of the Design Build Right of Way for the Project Assets and (B) be responsible for the security and protection of active construction areas on the Project Assets and the Project Right of Way and (1) all materials, equipment, supplies and any other property of any Developer Party and (2) all materials, equipment, supplies and any other property of the Department being held in a secure location at or on the Project Assets or otherwise being used or procured in connection with the Work, whether or not on the Project Right of Way. (ii) Through the coordination process described in Section 8.07, the Developer and the Department will determine from time to time which portions of the Existing Lanes will be open for traffic or under construction. (iii) On and after the Project Completion Date to the end of the Term, the Developer will have care, custody and control of the Project Assets (other than the Transferred Project Assets and the Department Shared Assets). (iv) On the Project Completion Date, the Developer will transfer ownership of the Transferred Project Assets to the Department, at which time all care, custody and control and risk of loss (other than as covered by any applicable warranty) for the Transferred Project Assets will vest with the Department.