Common use of Equipment Replacement Clause in Contracts

Equipment Replacement. PGC, or its duly authorized agent, will maintain a record of equipment in Issuing Agent’s possession by serial number. If Issuing Agent’s equipment malfunctions and must be replaced, PGC or its agent will supply a functional piece of replacement equipment and instructions. Issuing Agent shall follow the instructions furnished with respect to return of the malfunctioning piece of equipment and any peripheral items (cables, etc.). If Issuing Agent does not return a replaced piece of equipment within thirty (30) days of receipt of replacement equipment, Issuing Agent may be charged for the cost of the replacement equipment. PGC may collect equipment charges through EFT in an amount determined by PGC.