Spare Parts and Inventory Management Sample Clauses

Spare Parts and Inventory Management. (a) The Project Manager shall procure all Spare Parts, materials, components and consumables (including the refurbishment, repair or replacement of any Spare Part, material, component and consumable) reasonably required for the performance of the Project Management Services on behalf of the Company. During the Term, Project Manager shall manage an inventory of all Spare Parts that the Company owns or has a right to use (collectively, the “Spare Part Inventory”); provided that the Company shall have title to all Spare Parts materials, components and consumables, and any proceeds thereof, and neither legal nor equitable title to any such Spare Part materials, components and consumables shall transfer to the Project Manager in connection therewith. Each such Spare Part shall remain in the Spare Part Inventory until the earlier of: (i) the installation of such Spare Part in the Project; and (ii) the transfer, sale, or other disposition of such Spare Part undertaken in accordance with this Agreement. The Company hereby authorizes the Project Manager to manage, store, use, handle, install, administer, process, transport, operate, repair, replace, or refurbish any Spare Parts materials, components and consumables in accordance with Prudent Industry Practice, any Permits and all applicable Laws and Codes.
Sample 1
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Related to Spare Parts and Inventory Management

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