Common use of Contractor Acquired Material Clause in Contracts

Contractor Acquired Material. a. Upon purchase, legal title in any items costing £10,000 or more and with an economic life of more than 12 months purchased by the Contractor within the total contract price for the purposes of performing the contract shall vest with the Authority. Such items shall become Government Furnished Equipment provided to the Contractor by the Authority on loan in accordance with DEFCON 611 (SC2) (Issued Property).

Contractor Acquired Material. a. Upon purchase, legal title in any items costing £10,000 or more and with an economic life of more than 12 months purchased by the Contractor within the total contract price for the purposes of performing the contract shall vest with the Authority. Such items shall become Government Furnished Equipment provided to the Contractor by the Authority on loan in accordance with DEFCON 611 (SC2ISC) (Issued Property).