Direct Material Purchases Sample Clauses
The Direct Material Purchases clause defines the terms under which a party may procure materials directly for a project or contract. Typically, this clause outlines the process for purchasing materials, including approval requirements, cost allocation, and documentation needed to verify such purchases. For example, it may specify that the buyer can purchase raw materials directly from suppliers and that these costs will be reimbursed or credited according to agreed terms. The core function of this clause is to clarify responsibilities and procedures for material procurement, ensuring transparency and proper cost management in the execution of the contract.
Direct Material Purchases. The CM shall review the design for the purpose of identifying major equipment and/or material purchases that may be advantageous for the Owner to purchase directly from suppliers as a cost saving measure. Once items have been identified and quantified by the CM, and approved by the Owner for direct purchase, the Owner will issue purchase orders and process payment for invoices approved by the CM. The CM shall prepare and be responsible for all quantities, descriptions, specifications, guarantees, payment schedules, etc., and all other required information to be included in the Owner issued purchase order.
Direct Material Purchases. Design-Builder shall implement and administer that direct tax savings purchase plan, more particularly described in Schedule “E” attached hereto. Except for the risk of loss associated with the directly purchased materials, which shall remain with Owner, the Design-Builder shall assume full and complete responsibility for all materials purchased through the direct tax savings purchase plan implemented and administered by the Design-Builder and shall reimburse the Owner for any and all direct or special damages incurred by the Owner as a result of defective materials. The Design-Builder shall afford the Owner a fee adjustment equal to any tax benefits realized by the Design-Builder as the result of the implementation of the direct tax savings plan, including but not limited to, any tax credits arising under the provisions of IRC Section 170D.
Direct Material Purchases. The City reserves the right to issue purchase orders for materials to either the CONTRACTOR’s or the City’s suppliers for construction related materials.