Examples of Furniture and Fixtures in a sentence
In the event any of the Furniture and Fixtures are recalled, the Contractor/Supplier shall notify the Employer/Purchaser within fourteen (14) days, providing full details of there as on for there call and promptly replace, at its own cost, the items covered by there call with Furniture and Fixtures that fully meet the requirements of the Technical Specification and arrange for collection or destruction of any defective Furniture and Fixtures.
Further all necessary licenses and permission for use of the Furniture and Fixtures in the purchaser’s country that may be required for the Furniture and Fixtures shall also be provided by the Contractor/supplier.
No changes made in the current period regarding depreciation method.Estimated depreciation rates of tangible fixed assets are as follows: Buildings : 2%Vehicles, Furniture and Fixtures : 2 – 20% Gain or loss arising from the disposal or retirement of an item of tangible fixed assets is determined as the difference between the sales proceeds and the carrying amount of that asset and is recognized in profit or loss.
Depreciation on other assets is calculated using the straight- line method to allocate their cost to their residual values over their estimated useful lives, as follows: Computer and Accessories 3 Years Furniture and Fixtures 7 Years Machinery and Equipment 9 Years Office Equipment 5 Years Vehicles 6 Years Leasehold 10 Years Other Assets 4 Years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date.
The descriptions of Furniture and Fixtures are in summarized form and are abbreviations in the Bill of Quantities and references to the relevant sections of the Specification are made for clarification of each item.