Non-Expendable Property Acquisition Sample Clauses

Non-Expendable Property Acquisition. City retains title to all non-expendable property provided to Contractor by City, or which Contractor may acquire with funds from this Agreement requesting reimbursement for such expenditures. For purposes of this Agreement, non-expendable property is defined as tangible personal property having a useful life of more than one year and an acquisition cost of more than more than $5,000 cumulative or per item. Contractor shall not expend funds under this Agreement for the acquisition of non-expendable property having a unit cost of $5,000 or more and normal life expectancy of more than one year without prior written approval of the City or as approved within the Program’s budget for start-up costs required for the Program. Acquisition of non-expendable property shall comply with the City’s contracting procurement requirements. Contractor understands and agrees that all non- expendable property procured under this Agreement are for the benefit of the City and are the sole property of the City. Contractor shall maintain an inventory of non-expendable property, including dates of purchase and disposition of the property. Inventory records on non-expendable property shall be retained and made available to the City upon request for at least three years following date of disposition. Non-expendable property that has a value at the end of the Agreement (e.g. has not been depreciated so that its value is zero), and to which the City may retain title under this paragraph, shall be disposed of at the end of the Agreement as follows: At City’s option, City may: 1) have Contractor deliver to another City contractor or have another City contractor pick up the non-expendable property; 2) allow the Contractor to retain the non-expendable property provided that the Contractor submits to the City a written statement in the format directed by the City on how the non-expendable property will be used for the public good; or