Common use of Inventory of the Assets Clause in Contracts

Inventory of the Assets. 18.1. The Project Deliverer must keep a register of all Assets acquired or improved at a cost exceeding £1,500.00 (one thousand and five hundred pounds) wholly or partly using the Grant or the Funding. 18.2. Assets purchased by the Project Deliverer with Funding must only be used for delivery of the Project Activities. 18.3. For each entry in the register the following particulars must be shown where appropriate: 18.3.1. owner of the Asset; 18.3.2. date of acquisition or improvement of the Asset; 18.3.3. description of the Asset; 18.3.4. cost of the Asset, net of recoverable VAT; 18.3.5. location of the Asset; 18.3.6. serial or identification numbers of the Asset; 18.3.7. date of any Disposal of the Asset; 18.3.8. depreciation/amortisation policy applied to the Asset; 18.3.9. proceeds of any Disposal of the Asset, net of VAT; and 18.3.10. the identity of any person to whom the Asset has been transferred or sold. 18.4. The Lead Authority reserves the right to require the Project Deliverer to maintain the above particulars as set out in paragraph 18.3 for any additional items which the Lead Authority and/or the Secretary of State considers material to the overall Grant.

Inventory of the Assets. 18.1. The Project Deliverer Grant Recipient must keep a register of all Assets acquired or improved at a cost exceeding £1,500.00 (one thousand and five hundred pounds) wholly or partly using the Grant or the Funding. 18.2. Assets purchased by the Project Deliverer Grant Recipient with Funding must only be used for delivery of the Project Activities. 18.3. For each entry in the register the following particulars must be shown where appropriate: 18.3.1. owner of the Asset; 18.3.2. date of acquisition or improvement of the Asset; 18.3.3. description of the Asset; 18.3.4. cost of the Asset, net of recoverable VAT; 18.3.5. location of the Asset; 18.3.6. serial or identification numbers of the Asset; 18.3.7. date of any Disposal of the Asset; 18.3.8. depreciation/amortisation policy applied to the Asset; 18.3.9. proceeds of any Disposal of the Asset, net of VAT; and 18.3.10. the identity of any person to whom the Asset has been transferred or sold. 18.4. The Lead Authority reserves the right to require the Project Deliverer Grant Recipient to maintain the above particulars as set out in paragraph 18.3 for any additional items which the Lead Authority and/or the Secretary of State considers material to the overall Grant.