Common use of Closeout of Equipment Clause in Contracts

Closeout of Equipment. 1. At the end of the term of a Contract that has no additional renewals or that will not be renewed (Closeout), or when a Contract is otherwise terminated, Grantee will submit System Agency an inventory of equipment purchased with System Agency funds and request disposition instructions for such equipment. i. The title of equipment, capital assets, designated reportable assets equipment, and supplies in possession of Grantee from the bankruptcy, will revert to the System Agency. 2. All equipment purchased with System Agency funds must be secured by Grantee at the time of Closeout, or termination of this Contract, and must be disposed of according to the System Agency’s disposition instructions, which may include return of the equipment to System Agency or transfer of possession to another System Agency Grantee, at Xxxxxxx’s expense. 3. Grantee to ensure that its subcontracts, if any, must sever the System Agency property, equipment, and supplies in possession of the subcontractor and title must revert to the System Agency, who may require that the property, equipment and supplies be returned to the System Agency.