Common use of Stored Materials Clause in Contracts

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

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 Bill 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

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 Bill 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.. SAMPLE 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.