Consumable Assets Clause Samples

The "Consumable Assets" clause defines how assets that are intended to be used up or depleted during the course of a contract are managed and accounted for. It typically specifies which items are considered consumable, such as office supplies, raw materials, or fuel, and outlines the procedures for their usage, replenishment, and cost allocation. This clause ensures that both parties understand their responsibilities regarding the supply and consumption of these assets, thereby preventing disputes over usage rates or replacement obligations.
Consumable Assets. (a) The cost of acquiring a consumable asset used in the Work, and costing less than $1,000, is an Eligible Cost in the year in which it is purchased and the asset can be disposed of at the end of the Term. (b) Such assets include mobile telephones, digital cameras, computer software programs, electronic calculators, printers, facsimile machines, photocopiers, and other office-type equipment. (c) Computers and furniture costing more than $1,000 are not consumable assets for the purposes of this Recipient Agreement and must be treated according to Section 2.3.4 (Computers and Office Furniture) of this Schedule 4 (Eligible Cost Rules).
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Related to Consumable Assets

  • Net Tangible Assets Purchaser shall have at least $5,000,001 of net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) remaining after the closing of the Purchaser Share Redemption.

  • Capital Equipment Collaborator’s commitment, if any, to provide ICD with capital equipment to enable the research and development activities under the Research Plan appears in Appendix B. If Collaborator transfers to ICD the capital equipment or provides funds for ICD to purchase it, then ICD will own the equipment. If Collaborator loans capital equipment to ICD for use during the CRADA, Collaborator will be responsible for paying all costs and fees associated with the transport, installation, maintenance, repair, removal, or disposal of the equipment, and ICD will not be liable for any damage to the equipment.

  • Tangible Assets The Target owns or leases all buildings, machinery, equipment, and other tangible assets necessary for the conduct of its business as presently conducted and as presently proposed to be conducted. Each such tangible asset is free from defects (patent and latent), has been maintained in accordance with normal industry practice, is in good operating condition and repair (subject to normal wear and tear), and is suitable for the purposes for which it presently is used and presently is proposed to be used.

  • Consumables During the design phase, Purchaser may participate in the selection of suppliers of consumables of the Supplier. In such case, the choice regarding the final selection of the said suppliers shall be mutually agreed between the Parties. Two suppliers shall be identified and selected for each type of consumables.

  • Inventories All of the Assets constituting inventory are owned or used by Company, are in good, current, standard and merchantable condition and are not obsolete or defective.