Common use of Management Requirements Clause in Contracts

Management Requirements. Procedures for managing equipment (including replacement equipment), whether acquired in whole or in part under the award, until disposition takes place will, as a minimum, meet the following requirements: (1) Property records must be maintained that include description of the property, a serial number or there identification number, the source of funding for the property (including the Federal Award Identification Number (XXXX)), who holds the title, acquisition date, and cost of the property, percentage of Federal participation in the project costs for the award under which the property was acquired, the location, use and condition of the property, and any ultimate disposition data including the date of disposal and sale price of the property. (2) A physical inventory of the property must be taken and the results reconciled with the property records at least once every two years. (3) A control system must be developed to ensure adequate safeguards to prevent loss, damage, or theft must be investigated. (4) Adequate maintenance procedures must be developed to keep the property in good condition. (5) If the NFE is authorized or required to sell the property, proper sales procedures must be established to ensure the highest possible return.