Common use of Lost Property Clause in Contracts

Lost Property. If at any time, Supplier becomes aware that it has misplaced or cannot locate Furnished Property, Supplier shall notify Flyer, and shall have five (5) days to search for the misplaced item. After such period, the property shall be deemed “lost” and Supplier shall reimburse Flyer, upon Flyer’s demand, for its full replacement cost. The search period begins either: (i) upon Supplier’s notification to Flyer of a misplaced item; or (ii) five (5) days after the date designated by Flyer to transfer and/or account for such Furnished Property and Supplier has not fully complied with the transfer and/or accounting.