Equipment You Acquire From Us Sample Clauses
The 'EQUIPMENT YOU ACQUIRE FROM US' clause defines the terms and conditions governing any equipment that a customer obtains from the provider. It typically outlines the ownership status, responsibilities for maintenance, and any restrictions on use or transfer of the equipment. For example, the clause may specify whether the equipment is sold, leased, or loaned, and clarify who is responsible for repairs or insurance. Its core function is to ensure both parties understand their rights and obligations regarding the equipment, thereby preventing disputes over ownership, liability, or usage.
Equipment You Acquire From Us. Purchased Equipment
(a) that Purchased Equipment remains our property until we receive full payment from you or we otherwise deem in our sole discretion that title has passed to you (prior to the receipt of full payment);
(b) until we receive full payment from you, you will not part with possession of the Purchased Equipment except to us;
(c) if you do part with the Purchased Equipment before making full payment to us, we may recover the value of it as a debt due, including offsetting the value of the Purchased Equipment against any monies owed to you by us;
(d) until full payment of the Purchased Equipment is received, you indemnify us against any loss or damage to it, unless that loss or damage arises from fair wear and tear; and
(e) until we receive full payment for the Purchased Equipment, you must not remove or obscure any identification marks on it, and must comply with our reasonable instructions to protect our ownership and not do anything which might detrimentally affect our ownership of the Purchased Equipment. Risk of loss or damage to the Purchased Equipment will pass to you upon delivery.
Equipment You Acquire From Us