Common use of Residual Value Agreement Clause in Contracts

Residual Value Agreement. If Grant Funds are used in whole or in part to acquire any single item of equipment costing $5,000 or more (which acquisition is only upon ODOT’s pre-approval), Grantee shall complete and submit to Agency an equipment inventory that lists such items and includes Agency’s rules governing the removal or release of such items from Grantee’s inventory (a “Residual Value Agreement”), in the form provided by Agency. Agency may, at its discretion, require Grantee to execute a Residual Value Agreement for equipment costing less than $5,000 in order to track the tangible equipment purchased with Grant Funds. A copy of the original vendor's invoice indicating quantity, description, manufacturer's identification number and cost of each item will be attached to the signed agreement. All equipment should be identified with the Grantee’s property identification number.

Residual Value Agreement. If Grant Funds are used in whole or in part to acquire any single item of equipment costing $5,000 or more (which acquisition is only upon ODOT’s pre-approval), Grantee shall complete and submit to Agency an equipment inventory that lists such items and includes Agency’s rules governing the removal or release of such items from Grantee’s inventory (a “Residual Value Agreement”), in the form provided by Agency. Agency may, at its discretion, require Grantee to execute a Residual Value Agreement for equipment costing less than $5,000 in order to track the tangible equipment purchased with Grant Funds. A copy of the original vendor's invoice indicating quantity, description, manufacturer's identification number and cost of each item will be attached to the signed agreement. All equipment should be shouldbe identified with the Grantee’s property identification number.