Common use of Asset Register Clause in Contracts

Asset Register. ‌ (a) The Recipient must maintain an Asset Register for Assets under this Agreement which must record: (i) all non-consumable items of a portable nature with a value below the Asset Threshold; (ii) all Assets with a value at or above the Asset Threshold at the time of purchase; (iii) Asset description; (iv) purchase price or total lease cost; (v) date of purchase or lease and date of payment; (vi) reason for acquisition; (vii) type and term of lease (if applicable); (viii) date of receipt of the Asset at the Activity site; (ix) identification number for the Asset; (x) location of Asset; (xi) current value of the Asset (purchase price minus depreciation); (xii) disposal date; (xiii) disposal method; and (xiv) reason for disposal. (b) Subject to the requirements of this Clause 13 (Assets) and the terms of any lease, the Recipient will own the Assets unless otherwise specified in Part C (Activity Proposal).

Asset Register. ‌ (a) The Recipient must maintain an Asset Register for Assets under this Agreement which must record: (i) all non-consumable items of a portable nature with a value below the Asset Threshold; (ii) all Assets with a value at or above the Asset Threshold at the time of purchase; (iii) Asset description; (iv) purchase price or total lease cost; (v) date of purchase or lease and date of payment; (vi) reason for acquisition; (vii) type and term of lease (if applicable); (viii) date of receipt of the Asset at the Activity site; (ix) identification number for the Asset; (x) location of Asset; (xi) current value of the Asset (purchase price minus depreciation); (xii) disposal date; (xiii) disposal method; and (xiv) reason for disposal. (b) Subject to the requirements of this Clause 13 (Assets) and the terms of any lease, the Recipient will own the Assets unless otherwise specified in Part C (Activity Proposal).