Common use of Unincorporated Equipment and Materials Clause in Contracts

Unincorporated Equipment and Materials. Owner will approve payment for Equipment and Materials not yet incorporated in the Work only under the following circumstances: (a) Owner will approve payment for Equipment and Materials stored off-Site, subject to the following conditions precedent: (i) Contractor shall provide Owner with at least forty (40) days prior notice of Contractor’s plan to request payment for off-Site stored Equipment and Materials. Such request shall include a certified description of the off-Site location, a listing of all Equipment and Materials covered by the request, the individual value of the Equipment and Materials, the status of the fabrications of the Equipment and Materials and the required dates of delivery at the Site. The statement shall be submitted on forms furnished by Owner and shall be accompanied by invoices or other documents that will verify the cost of such Equipment and Materials. Following the initial submission, Contractor shall submit to Owner a monthly certified update of the itemized inventory statement. The updated inventory statement shall show additional Equipment and Materials received and stored with invoices or other documents and shall list Equipment and Materials removed from storage since the last certified inventory statement, with appropriate cost data reflecting the change in the inventory. If Contractor fails to submit the monthly certified update, Owner may deduct the full amount of the previous statement from the invoice. At the conclusion of the Project, the cost of Equipment and Materials remaining in storage for which payment has been made will be deducted from the progress estimate. (ii) Such other documentation satisfactory to Owner to establish Owner’s title to such Equipment and Materials or otherwise protect Owner’s interest. (b) Owner will review the documentation for completeness and accuracy. If the documentation presented does not satisfy the aforementioned conditions precedent, or if for any other reason Owner is not satisfied, in its sole discretion, that Owner’s interest is fully protected, the request for payment for stored Equipment and Materials shall be denied. (c) Owner specifically reserves the right to discontinue payment for Equipment and Materials stored off-Site if such storage is not in compliance with the Contract Documents. (d) Contractor shall bear all cost of Owner associated with the inspection of off-Site Equipment and Materials stored outside of the Commonwealth of Virginia unless, as described in the Quality Assurance and Control Inspection Program, Owner is required to furnish inspection for these Equipment and Materials. (e) Following payment therefor, all such Equipment and Materials so accepted shall become the property of Owner. Contractor at its own expense shall promptly execute, acknowledge and deliver to Owner proper bills of sale or other instruments in writing in a form acceptable to Owner conveying and assuring to Owner title to such Equipment and Materials included in any invoice, free and clear of all Liens. Contractor at its own expense shall conspicuously xxxx or paint such Equipment and Materials as the property of Owner, shall not permit such Equipment and Materials to become commingled with non-Owner owned property and shall take such other steps, if any, as Owner may require or regard as necessary to vest title to such Equipment and Materials in Owner free and clear of Liens. (f) Payment for Equipment and Materials furnished and delivered as indicated in this Section 14.2.7 will not exceed the amount paid by Contractor as evidenced by a xxxx of sale supported by paid invoice. (g) Payment for Equipment and Materials furnished and delivered as indicated in this Section 14.2.7 shall be in accordance with the following terms and conditions:

Unincorporated Equipment and Materials. Owner will approve payment for Equipment and Materials not yet incorporated in the Work only under the following circumstances: (a) Owner will approve payment for Equipment and Materials stored off-Site, subject to the following conditions precedent: (i) Contractor shall provide Owner with at least forty (40) days prior notice of Contractor’s plan to request payment for off-Site stored Equipment and Materials. Such request shall include a certified description of the off-Site location, a listing of all Equipment and Materials covered by the request, the individual value of the Equipment and Materials, the status of the fabrications of the Equipment and Materials and the required dates of delivery at the Site. The statement shall be submitted on forms furnished by Owner and shall be accompanied by invoices or other documents that will verify the cost of such Equipment and Materials. Following the initial submission, Contractor shall submit to Owner a monthly certified update of the itemized inventory statement. The updated inventory statement shall show additional Equipment and Materials received and stored with invoices or other documents and shall list Equipment and Materials removed from storage since the last certified inventory statement, with appropriate cost data reflecting the change in the inventory. If Contractor fails to submit the monthly certified update, Owner may deduct the full amount of the previous statement from the invoice. At the conclusion of the Project, the cost of Equipment and Materials remaining in storage for which payment has been made will be deducted from the progress estimate. (ii) Such other documentation satisfactory to Owner to establish Owner’s title to such Equipment and Materials or otherwise protect Owner’s interest. (b) Owner will review the documentation for completeness and accuracy. If the documentation presented does not satisfy the aforementioned conditions precedent, or if for any other reason Owner is not satisfied, in its sole discretion, that Owner’s interest is fully protected, the request for payment for stored Equipment and Materials shall be denied. (c) Owner specifically reserves the right to discontinue payment for Equipment and Materials stored off-Site if such storage is not in compliance with the Contract Documents. (d) Contractor shall bear all cost of Owner associated with the inspection of off-Site Equipment and Materials stored outside of the Commonwealth of Virginia unless, as described in the Quality Assurance and Control Inspection Program, Owner is required to furnish inspection for these Equipment and Materials. (e) Following payment therefor, all such Equipment and Materials so accepted shall become the property of Owner. Contractor at its own expense shall promptly execute, acknowledge and deliver to Owner proper bills of sale or other instruments in writing in a form acceptable to Owner conveying and assuring to Owner title to such Equipment and Materials included in any invoice, free and clear of all Liens. Contractor at its own expense shall conspicuously xxxx mark or paint such Equipment and Materials as the property of Owner, shall not permit such Equipment and Materials to become commingled with non-Owner owned property and shall take such other steps, if any, as Owner may require or regard as necessary to vest title to such Equipment and Materials in Owner free and clear of Liens. (f) Payment for Equipment and Materials furnished and delivered as indicated in this Section 14.2.7 will not exceed the amount paid by Contractor as evidenced by a xxxx bill of sale supported by paid invoice. (g) Payment for Equipment and Materials furnished and delivered as indicated in this Section 14.2.7 shall be in accordance with the following terms and conditions: