Common use of TREATMENT OF ASSETS Clause in Contracts

TREATMENT OF ASSETS. The Contractor shall take the following actions to secure the financial interest of the County in items purchased with funds awarded under this Contract. The Contractor shall name the County as lien holder on certificates of title for motor vehicles. A non-expendable personal property inventory report shall also be submitted to the County as requested. The County’s interest in property purchased under this contract and prior contracts from the same funding source is automatically transferred forward to the next contract year at the close of this contract period. The Contractor shall maintain records, perform inventories and maintain control systems to prevent loss, damage or theft of equipment, materials and supplies. A Contractor which is a nonprofit organization shall keep property records in accordance with OMB Circular A-110, Uniform Administrative Requirements for Grants and Agreements with Nonprofit Agencies for all purchases funded by this contract. In the event of loss, destruction or damage to any property purchased under this contract, the Contractor shall notify the County and shall take all reasonable steps to protect that property from further damage. Unless otherwise directed by the County, the Contractor shall surrender to the County all property purchased under this contract prior to settlement upon completion, termination or cancellation of this contract. The Contractor shall include these requirements in any subcontracts.

TREATMENT OF ASSETS. The Contractor shall take the following actions to secure the financial interest of the County in items purchased with funds awarded under this Contract. The Contractor shall name the County as lien holder on certificates of title for motor vehicles. A non-expendable personal property inventory report shall also be submitted to the County as requestedrequired. The County’s interest in property purchased under this contract and prior contracts from the same funding source is automatically transferred forward to the next contract year at the close of this contract period. The Contractor shall maintain records, perform inventories and maintain control systems to prevent loss, damage or theft of equipment, materials and supplies. A Contractor which is a nonprofit organization shall keep property records in accordance with OMB Circular A-110, Uniform Administrative Requirements for Grants and Agreements with Nonprofit Agencies for all purchases funded by this contract. In the event of loss, destruction or damage to any property purchased under this contract, the Contractor shall notify the County and shall take all reasonable steps to protect that property from further damage. Unless otherwise directed by the County, the Contractor shall surrender to the County all property purchased under this contract prior to settlement upon completion, termination or cancellation of this contract. The Contractor shall include these requirements in any subcontracts.

TREATMENT OF ASSETS. The Contractor shall take the following actions to secure the financial interest of the County in items purchased with funds awarded under this Contract. The Contractor shall name the County as lien holder on certificates of title for motor vehicles. (RCW 46.12.095) A non-expendable personal property inventory report shall also be submitted to the County as requestedrequired. The County’s interest in property purchased under this contract and prior contracts from the same funding source is automatically transferred forward to the next contract year at the close of this contract period. The Contractor shall maintain records, perform inventories and maintain control systems to prevent loss, damage or theft of equipment, materials and supplies. A Contractor which is a nonprofit organization shall keep property records in accordance with OMB Circular A-110, Uniform Administrative Requirements for Grants and Agreements with Nonprofit Agencies for all purchases funded by this contract. In the event of loss, destruction or damage to any property purchased under this contract, the Contractor shall notify the County and shall take all reasonable steps to protect that property from further damage. Unless otherwise directed by the County, the Contractor shall surrender to the County all property purchased under this contract prior to settlement upon completion, termination or cancellation of this contract. The Contractor shall include these requirements in any subcontracts.

TREATMENT OF ASSETS. The Contractor shall take the following actions to secure the financial interest of the County in items purchased with funds awarded under this Contract. The Contractor shall name the County as lien holder on certificates of title for motor vehicles. A non-expendable personal property inventory report shall also be submitted to the County as requested. The County’s interest in property purchased under this contract and prior contracts from the same funding source is automatically transferred forward to the next contract year at the close of this contract period. The Contractor shall maintain records, perform inventories and maintain control systems to prevent loss, damage or theft of equipment, materials and supplies. A Contractor which is a nonprofit organization shall keep property records in accordance with OMB Circular A-110, Uniform Administrative Requirements for Grants and Agreements with Nonprofit Agencies for all purchases funded by this contract. In the event of loss, destruction or damage to any property purchased under this contract, the Contractor shall notify the County and shall take all reasonable steps to protect that property from further damage. Unless otherwise directed by the County, the Contractor shall surrender to the County all property purchased under this contract prior to settlement upon completion, termination or cancellation of this contract. The Contractor shall include these requirements in any subcontracts.