Common use of Disposal of Asset Clause in Contracts

Disposal of Asset. 8If the Recipient uses any of the Grant to develop, improve or purchase any Assets, the Recipient shall ensure that the Assets are maintained in good condition until such time as they returned to the custody of the Funder, and shall indemnify the Funder for any costs incurred by the Funder is remedying any damage or loss to such Assets which occurred other than as a result of fair wear and tear for such time as they were in the custody of the Recipient.

Disposal of Asset. 8If If the Recipient uses any of the Grant to develop, improve or purchase any Assets, the Recipient shall ensure that the Assets are maintained in good condition until such time as they returned to the custody of the Funder, and shall indemnify the Funder for any costs incurred by the Funder is remedying any damage or loss to such Assets which occurred other than as a result of fair wear and tear for such time as they were in the custody of the Recipient.