Stored Materials. The Department shall not be required to pay for materials stored at the site or stored at other locations absent prior written authorization to do so, which authorization may be withheld at the Department's sole discretion. If the Department expressly agrees to pay for materials stored at the site but not yet incorporated into the Work, the Application for Payment may also include a request for payment of the cost of such materials, if the materials have been delivered to the site, and suitably stored. Such requests shall be documented by appropriate invoices and bills of sale. Payment for stored materials shall be conditioned also on the Design-Builder’s representation that it has inspected the material and found it to be free from defect and otherwise in conformity with this Agreement, and on satisfactory evidence that the materials are insured under the builder’s risk policy. Further, if the Design-Builder requests the Department to allow payments for storage of materials offsite, the Design-Builder shall be required, inter alia, to agree to execution of proper documentation to afford the Department a secured interest in the materials upon payment.
Stored Materials. Upon prior written agreement between the Contractor and Region 4 ESC, payment may be made for materials not incorporated in the work but delivered and suitably stored at the site or some other location, for installation at a later date. An inventory of the stored materials must be provided to Region 4 ESC prior to payment. Such materials must be stored and protected in a secure location and be insured for their full value by the Contractor against loss and damage. Contractor agrees to provide proof of coverage and additionally insured upon request. Additionally, if stored offsite, the materials must also be clearly identified as property of Region 4 ESC and be separated from other materials. Region 4 ESC must be allowed reasonable opportunity to inspect and take inventory of stored materials, on or offsite, as necessary. Until final acceptance by Region 4 ESC, it shall be the Contractor's responsibility to protect all materials and equipment. Contractor warrants and guarantees that title for all work, materials and equipment shall pass to Region 4 ESC upon final acceptance.
Stored Materials. If payment is requested on account of materials or equipment not incorporated in the Subcontract Work but delivered and suitably stored on site or off site at some other location agreed upon in writing, payment for such materials or equipment shall be made in accordance with the terms and conditions as allowed by the Contract Documents. In such cases: (1) insurance shall be provided with Contractor and Owner’s names on the policy, and Subcontractor shall furnish detailed inventory, including invoices, for all such stored materials, and (2) Subcontractor shall comply with such other procedures satisfactory to the Owner and Contractor to establish the Owner’s title to such materials and equipment, or otherwise to protect the Owner’s and Contractor’s interest including transportation to the site. If the Contract Documents do not permit payment for stored materials, then no such payment will be made.
Stored Materials. Lender shall not be required to disburse any funds for any materials, machinery or other Personal Property not yet incorporated into the Project Improvements (the “Stored Materials”), unless the following conditions are satisfied:
(a) Borrower shall deliver to Lender bills of sale or other evidence reasonably satisfactory to Lender of the cost of, and, subject to the payment therefor, Borrower’s title in and to such Stored Materials;
(b) The Stored Materials are identified to the Property and Borrower, are segregated so as to adequately give notice to all third parties of Borrower’s title in and to such materials, and are components in substantially final form ready for incorporation into the Project Improvements;
(c) The Stored Materials are stored at the Property or at such other third-party owned and operated site as Lender shall reasonably approve, and are protected against theft and damage in a manner satisfactory to Lender, including, if requested by Lender, storage in a bonded warehouse in the greater metropolitan area in which the Property is located;
(d) The Stored Materials will be paid for in full with the funds to be disbursed, and all lien rights or claims of the supplier will be released upon full payment;
(e) Lender has or will have upon payment with disbursed funds a perfected, first priority security interest in the Stored Materials;
(f) The Stored Materials are insured for an amount equal to their replacement costs in accordance with Section 6.1 of this Agreement;
(g) The aggregate cost of Stored Materials stored at the Property is approved by the Construction Consultant and, if required by Lender, the Construction Consultant shall certify that it has inspected such Stored Materials and they are in good condition and suitable for use in connection with the Project Improvements; and
(h) The aggregate cost of Stored Materials stored on the Property at any one time shall not exceed ten percent (10%) of the maximum amount of the Loan and the aggregate cost of Stored Materials stored off the Property at any one time shall not exceed five percent (5%) of the maximum amount of the Loan.
Stored Materials. Upon prior written agreement between the vendor and Member, payment may be made for materials not incorporated in the work but delivered and suitably stored at the site or some other location, for installation at a later date. An inventory of the stored materials must be provided to Member prior to payment. Such materials must be stored and protected in a secure location, and be insured for their full value by the vendor against loss and damage. Vendor agrees to provide proof of coverage and/or addition of Member as an additional insured upon Member’s request. Additionally, if stored offsite, the materials must also be clearly identified as property of buying Member and be separated from other materials. Member must be allowed reasonable opportunity to inspect and take inventory of stored materials, on or offsite, as necessary. Until final acceptance by the Member, it shall be the Vendor's responsibility to protect all materials and equipment. The Vendor warrants and guarantees that title for all work, materials and equipment shall pass to the Member upon final acceptance.
Stored Materials. In computing progress payments, Contractor may include 70% of the value of materials delivered to the Site or fabricated materials stored on the Site or off the Site since the first day of the month during which Contractor submits such progress payment application. Payment for materials stored off the Site shall be contingent upon County receiving satisfactory evidence that Contractor has acquired title to such material, that the materials will be utilized on the Work, and that the materials are satisfactorily stored, protected, and insured, or such other procedures satisfactory to County, to protect County's interests. Materials stored off the Site, to be considered for payment, shall, in addition to the above requirements, be stored in a bonded warehouse, fully insured, and available to County for inspection. If requested by County, Contractor shall obtain an executed security agreement before seeking payment for any materials stored other than at the Site. County shall have discretion as to the amount of stored material and equipment for which payment may be made on any payment application.
Stored Materials. Unless otherwise provided in the Contract Documents, Owner shall make payments on account of Materials not incorporated in the Work but delivered and suitably stored at the Site. If approved by Owner in advance, Owner may similarly make payments for Materials suitably stored at a location other than the Site, if agreed upon in writing. As a condition precedent to Owner’s payments for Materials stored on or off the Site, Contractor shall submit with its Applications for Payment that include such Materials, photographs of Materials and evidence (e.g., bills of sale), satisfactory to Owner to establish Owner’s title to or otherwise protect Owner’s interest in, the same. Contractor shall include with its Applications for Payment that include Materials stored off-Site, costs and evidence of applicable insurance, storage, and transportation to the Site. Owner Parties shall have the right to access, remove, and inspect, at any time during the Project, Materials stored off-Site for which Owner has paid. In consideration of Contractor’s ability to store certain Materials off-Site, Contractor waives and releases any Claims it may have against Owner, either directly or through Contractor’s insurer, for damage to or loss of, such Materials not stored at the Site. Contractor shall name Owner as additional named insured on the insurance policy covering the full value of the property while in the care and custody of the Contractor until installed in the Project. A certificate noting this coverage shall be issued to Owner. [Optional – discussion point]
Stored Materials. Payment for stored materials will not be allowed without prior written approval by the Contractor. This includes, but is not limited to materials stored on site but not under the control of the Contractor. Upon approval by the Contractor, the Subcontractor must provide the following before payment is issued for stored material:
1) Completed Security Agreement and Xxxx of Sale on the forms furnished by the Contractor.
2) Acknowledgment of the filing of the appropriate UCC Form with the responsible State UCC department naming the Contractor as Secured Party as to said materials. Subcontractor will bear any and all filing costs.
3) Acknowledgment of possession, if the material is being stored with by a third party, on the form specified by Contractor.
4) Certificate of Insurance indicating the location, an itemized description, with dollar value, of the stored material and also naming the Contractor and the Owner as Loss Payee.
5) The Subcontractor is responsible for ensuring that the material must be securely stored.
6) The material must be segregated from the other material of the Subcontractor and/or any third parties.
7) The material must clearly be identified as the property of Contractor ("Wohlsen Construction Company").
Stored Materials. If authorized by Owner, the Application for Payment may include request for payment for material delivered to the Site and suitably stored, or for completed preparatory work. Payment may similarly be requested for material stored off Site, provided Design-Builder complies with or furnishes satisfactory evidence of the following:
(1) The material will be placed in a warehouse that is structurally sound, dry, lighted and suitable for the materials to be stored;
(2) The warehouse is located within a 10-mile radius of the Project. Other locations may be utilized, if approved in writing, by Owner;
(3) Only materials for the Project are stored within the warehouse (or a secure portion of a warehouse set aside for the Project);
(4) Design-Builder furnishes Owner a certificate of insurance extending Design- Builder’s insurance coverage for damage, fire, and theft to cover the full value of all materials stored, or in transit;
(5) The warehouse (or secure portion thereof) is continuously under lock and key, and only Design-Builder’s authorized personnel shall have access;
(6) Owner shall at all times have the right of access in company of Design-Builder;
(7) Design-Builder and its surety assume total responsibility for the stored materials; and
(8) Design-Builder furnishes to Owner certified lists of materials stored, bills of lading, invoices, and other information as may be required, and shall also furnish notice to Owner when materials are moved from storage to the Site.
Stored Materials. Payment for stored materials will not be allowed without prior written approval by the Contractor. The risk of loss for any such material shall remain with the Subcontractor until installation into the project and acceptance by the Owner. This includes, but is not limited to materials stored on site but not under the control of the Contractor. Upon approval by the Contractor, the Subcontractor must provide the following before payment is issued for stored material:
1) Completed Security Agreement and Xxxx of Sale on the forms furnished by the Contractor.
2) Acknowledgment of the filing of the appropriate UCC Form with the responsible State UCC department naming the Contractor as Secured Party as to said materials and a sufficiently detailed description of the materials. Subcontractor will bear any and all filing costs.
3) Acknowledgment of possession, if the material is being stored with by a third party, on the form specified by Contractor.
4) Certificate of Insurance indicating the location, an itemized description, with dollar value, of the stored material and also naming the Contractor and the Owner as Loss Payee.
5) The Subcontractor is responsible for ensuring that the material must be securely stored.
6) The material must be segregated from the other material of the Subcontractor and/or any third parties.
7) The material must clearly be identified as the property of Contractor. Contractor shall have the right to obtain stored materials from Subcontractor’s facilities that have been paid for, and Subcontractor shall make materials available at its facilities to Contractor upon 24 hours’ notice. SAMPLE
