Common use of Return of Equipment Purchased with Contract Funds Clause in Contracts

Return of Equipment Purchased with Contract Funds. Any equipment purchased with expressly identified contract funds shall accrue to PDSC when this contract is terminated or expires and no new contract is agreed upon within 60 days of termination, expiration, or completion of a negotiated wind-down, whichever occurs last, if: (a) Contractor purchased the equipment with separately identified funds from this contract or public defense services contracts with similar provisions or with insurance proceeds to replace equipment that Contractor had purchased with funds from this contract; (b) had an original dollar value of $500 or more; and (c) whose useful life exceeds the term of this contract.

Return of Equipment Purchased with Contract Funds. Any equipment purchased with expressly identified contract funds under Section 14.2 shall accrue to PDSC when this contract is terminated or expires and no new contract is agreed upon within 60 days of termination, expiration, or completion of a negotiated wind-down, whichever occurs last, if: (a) Contractor purchased the equipment with separately identified funds from this contract or public defense services contracts with similar provisions or with insurance proceeds to replace equipment that Contractor had purchased with funds from this contract; (b) had an original dollar value of $500 500.00 or more; and (c) whose useful life exceeds the term of this contract.