Common use of Equipment and Other Property Clause in Contracts

Equipment and Other Property. Unless otherwise expressly agreed to by Tiercon in the PO, Seller shall supply at its own expense all equipment, tools, jigs, dies, fixtures, patterns, drawings, specifications, samples, materials, and facilities required to perform its obligations under the PO (the “Supplier Owned Property”). Supplier hereby grants Tiercon an irrevocable option to take possession of and title to the Supplier Owned Property that is special for the production of the goods to be supplied under the PO, upon payment to Supplier of its net book value less any amounts that Tiercon has previously paid to Supplier for the cost of such items. Notwithstanding any other provision of the PO, Supplier acknowledges and agrees that all parts, components, assemblies, equipment, materials, tools, moulds, layouts, models, jigs, dies, fixtures, patterns, designs, sketches, blueprints, drawings, specifications, samples, engineering data, technical or proprietary information, special appliances, other equipment or material, facilities, and any reproductions and replacements thereof, any materials affixed or attached thereto, that are furnished to Supplier or paid for, in whole or in part, by Tiercon or by Tiercon’s customer, (all items above, collectively the “Tiercon Property”), shall remain the property of Tiercon or its customer, as applicable, and be deemed a bailment. The Tiercon Property, while in Supplier’s custody or control and while in the custody or control of Supplier’s suppliers, contractors, or agents, shall be held at Supplier’s risk, shall be kept insured by Supplier at Supplier’s expense against loss or damage in an amount equal to the replacement cost thereof, and shall be subject to removal at Tiercon’ written request. Supplier shall promptly notify Tiercon of the location of the Tiercon Property, if any are located any where other than Supplier’s facility. Unless otherwise expressly stated in the PO, Supplier shall maintain accounting and property control records for Tiercon Property in accordance with sound industrial practices. Supplier shall, at Supplier’s expense, maintain the Tiercon Property in good condition and repair, and shall replace any of the Tiercon Property if, as and when necessary or reasonably required. Upon completion or termination of the PO, Supplier shall retain on a bailment basis, the Tiercon Property still then in the physical possession of Supplier, at Supplier’s expense, until directions are received from Tiercon. Supplier shall allow Tiercon to take possession of the Tiercon Property at any time, which includes the right to enter onto Supplier’s premises or to require Supplier to pack and ship the Tiercon Property (which packing and shipping shall be at Supplier’s expense in the case of a termination of the PO by TIERCON for a breach by Supplier) to a destination selected by Tiercon; Supplier waives its own rights to any mechanics lien statute or mould maker lien statute (or similar lien statute) and shall indemnify and hold harmless Tiercon from any third party claim, including any claim arising out of any mechanics lien statute or mould maker lien statute (or similar lien statute). The Tiercon Property shall be in no less than the same condition as originally received by Supplier, reasonable wear and tear excepted.

Equipment and Other Property. Unless otherwise expressly agreed to by Tiercon AGS in the PO, Seller shall supply at its own expense all equipment, tools, jigs, dies, fixtures, patterns, drawings, specifications, samples, materials, and facilities required to perform its obligations under the PO (the “Supplier Owned Property”). Supplier hereby grants Tiercon AGS an irrevocable option to take possession of and title to the Supplier Owned Property that is special for the production of the goods to be supplied under the PO, upon payment to Supplier of its net book value less any amounts that Tiercon AGS has previously paid to Supplier for the cost of such items. Notwithstanding any other provision of the PO, Supplier acknowledges and agrees that all parts, components, assemblies, equipment, materials, tools, moulds, layouts, models, jigs, dies, fixtures, patterns, designs, sketches, blueprints, drawings, specifications, samples, engineering data, technical or proprietary information, special appliances, other equipment or material, facilities, and any reproductions and replacements thereof, any materials affixed or attached thereto, that are furnished to Supplier or paid for, in whole or in part, by Tiercon AGS or by Tiercon’s AGS’ customer, (all items above, collectively the “Tiercon AGS Property”), shall remain the property of Tiercon AGS or its customer, as applicable, and be deemed a bailment. The Tiercon AGS Property, while in Supplier’s custody or control and while in the custody or control of Supplier’s suppliers, contractors, contractors or agents, shall be held at Supplier’s risk, shall be kept insured by Supplier at Supplier’s expense against loss or damage in an amount equal to the replacement cost thereof, and shall be subject to removal at TierconAGS’ written request. Supplier shall promptly notify Tiercon AGS of the location of the Tiercon AGS Property, if any are located any where other than Supplier’s facility. Unless otherwise expressly stated in the PO, Supplier shall maintain accounting and property control records for Tiercon AGS Property in accordance with sound industrial practices. Supplier shall, at Supplier’s expense, maintain the Tiercon AGS Property in good condition and repair, and shall replace any of the Tiercon AGS Property if, as and when necessary or reasonably required. Upon completion or termination of the PO, Supplier shall retain on a bailment basis, the Tiercon AGS Property still then in the physical possession of Supplier, at Supplier’s expense, until directions are received from TierconAGS. Supplier shall allow Tiercon AGS to take possession of the Tiercon AGS Property at any time, which includes the right to enter onto Supplier’s premises or to require Supplier to pack and ship the Tiercon AGS Property (which packing and shipping shall be at Supplier’s expense in the case of a termination of the PO by TIERCON AGS for a breach by Supplier) to a destination selected by TierconAGS; Supplier waives its own rights to any mechanics lien statute or mould maker lien statute (or similar lien statute) and shall indemnify and hold harmless Tiercon AGS from any third party claim, including any claim arising out of any mechanics lien statute or mould maker lien statute (or similar lien statute). The Tiercon AGS Property shall be in no less than the same condition as originally received by Supplier, reasonable wear and tear excepted.

Equipment and Other Property. Unless otherwise expressly agreed to by Tiercon in the PO, Seller shall supply at its own expense all equipment, tools, jigs, dies, fixtures, patterns, drawings, specifications, samples, materials, and facilities required to perform its obligations under the PO (the “Supplier Owned Property”). Supplier hereby grants Tiercon an irrevocable option to take possession of and title to the Supplier Owned Property that is special for the production of the goods to be supplied under the PO, upon payment to Supplier of its net book value less any amounts that Tiercon has previously paid to Supplier for the cost of such items. Notwithstanding any other provision of the PO, Supplier acknowledges and agrees that all parts, components, assemblies, equipment, materials, tools, moulds, layouts, models, jigs, dies, fixtures, patterns, designs, sketches, blueprints, drawings, specifications, samples, engineering data, technical or proprietary information, special appliances, other equipment or material, facilities, and any reproductions and replacements thereof, any materials affixed or attached thereto, that are furnished to Supplier or paid for, in whole or in part, by Tiercon or by Tiercon’s customer, (all items above, collectively the “Tiercon Property”), shall remain the property of Tiercon or its customer, as applicable, and be deemed a bailment. The Tiercon Property, while in Supplier’s custody or control and while in the custody or control of Supplier’s suppliers, contractors, contractors or agents, shall be held at Supplier’s risk, shall be kept insured by Supplier at Supplier’s expense against loss or damage in an amount equal to the replacement cost thereof, and shall be subject to removal at Tiercon’ ’s written request. Supplier shall promptly notify Tiercon of the location of the Tiercon Property, if any are located any where other than Supplier’s facility. Unless otherwise expressly stated in the PO, Supplier shall maintain accounting and property control records for Tiercon Property in accordance with sound industrial practices. Supplier shall, at Supplier’s expense, maintain the Tiercon Property in good condition and repair, and shall replace any of the Tiercon Property if, as and when necessary or reasonably required. Upon completion or termination of the PO, Supplier shall retain on a bailment basis, the Tiercon Property still then in the physical possession of Supplier, at Supplier’s expense, until directions are received from Tiercon. Supplier shall allow Tiercon to take possession of the Tiercon Property at any time, which includes the right to enter onto Supplier’s premises or to require Supplier to pack and ship the Tiercon Property (which packing and shipping shall be at Supplier’s expense in the case of a termination of the PO by TIERCON Tiercon for a breach by Supplier) to a destination selected by Tiercon; Supplier waives its own rights to any mechanics lien statute or mould maker lien statute (or similar lien statute) and shall indemnify and hold harmless Tiercon from any third party claim, including any claim arising out of any mechanics lien statute or mould maker lien statute (or similar lien statute). The Tiercon Property shall be in no less than the same condition as originally received by Supplier, reasonable wear and tear excepted.