PROPERTY OR EQUIPMENT Clause Samples
PROPERTY OR EQUIPMENT. Except as otherwise provided in this Contract, computer or other special equipment needed to fulfill this Contract, shall be purchased through the ADOT Procurement Group and considered as ADOT property. The control, utilization and disposition of property or equipment acquired using Federal/State funds shall be determined in accordance with the property management standards set forth in 2 CFR 200 and ADOT Policy – FIN 11.02 and shall follow ADOT’s Fixed Assets procedures in both property identification and inventory control processes.
PROPERTY OR EQUIPMENT. Any real property or equipment purchased during an active term of this Agreement shall belong to the Party making the purchase. Each Party shall provide the other with an inventory list of property and equipment purchased that year at the Annual Meeting.