Common use of FURNISHED PROPERTY Clause in Contracts

FURNISHED PROPERTY. Buyer may provide to Seller property owned by either Buyer or its customer (Furnished Property) as set forth in the Order. Furnished Property shall be used only for the performance of this Order, or for the performance of a direct contract between Xxxxx’s customer and Seller where Seller has obtained specific approval from Buyer’s customer authorizing such use. Title to Furnished Property shall be retained by Buyer or its customer. Seller shall clearly mark (if not already marked) all Furnished Property to show ownership. Except in accordance with Xxxxx’s written instructions and while in Seller’s possession, Seller shall prevent the comingling of Furnished Property with other materials. Except for reasonable wear and tear, Seller assumes all risk of loss, destruction, or damage of Furnished Property while in Seller’s possession, custody, or control. Upon request, Seller shall promptly provide Buyer with adequate proof of insurance against such risk of loss. Seller shall promptly notify Buyer of any loss or damage. Without additional charge, Seller shall manage, maintain, and preserve Furnished Property in accordance with good commercial practice. Seller shall maintain written records of the management, maintenance, and preservation of the Furnished Property, in accordance with good commercial practice, and provide such records to Buyer, upon request. At Buyer’s request or at completion of this Order, Seller shall submit, in an acceptable form, inventory lists of Furnished Property and shall deliver or make such other disposition in accordance with instructions from Buyer. With respect to Government-furnished property, or property to which the Government may take title under this Order: (1) For this Order, the clause at FAR 52.245-1 shall apply and is incorporated by reference; and (2) Seller shall provide to Buyer immediate notice of any disapproval, withdrawal of approval, or non-acceptance by the Government of its property control system.

FURNISHED PROPERTY. Buyer may provide to Seller property owned by either Buyer or its customer Customer (Furnished Property) as set forth ). Unless previously authorized in the Order. writing by Buyer’s Procurement Representative, Furnished Property shall be used only for the performance of this Order, or for the performance of a direct contract between Xxxxx’s customer and Seller where Seller has obtained specific approval from Buyer’s customer authorizing such use. Title to Furnished Property shall be retained by shall, at all times, remain in Buyer or its customerCustomer, as applicable. Seller assumes the risk of and shall clearly mark (if not already marked) all be responsible for any loss thereof or damage to the Furnished Property to show ownership. Except in accordance with Xxxxx’s written instructions and while in Seller’s possession, Seller shall prevent the comingling of Furnished Property with other materials. Except for reasonable wear and tear, Seller assumes all risk of loss, destruction, or damage of Furnished Property however caused while in Seller’s possession, custody, or control, including any transfer to Seller’s subcontractors. Upon requestSeller shall clearly xxxx, maintain an inventory of, and keep segregated or identifiable all Furnished Property and all other property to which Buyer acquires an interest by virtue of this Order. Seller shall immediately notify Buyer’s Procurement Representative, in writing, if Furnished Property is lost, damaged, or destroyed. Without limiting the foregoing, Seller agrees to procure property insurance satisfactory to Buyer, insuring to the full insurable value of all Furnished Property in Seller's possession, against loss of or damage resulting from fire or theft (including extended coverage, malicious mischief and vandalism) or Seller’s negligence. Seller shall promptly provide Buyer with adequate proof a certificate of insurance. Such certificate shall contain the policy number, effective date, expiration date and a statement noting Buyer as an additional insured. Seller’s applicable insurance against such risk policies shall be primary to all policies of lossBuyer. Seller further agrees to pay all taxes assessed against the Furnished Property or the use thereof while in Seller's possession and to file all necessary declarations and reports in connection therewith. Buyer shall promptly notify Buyer not be liable for any loss, damage or expense resulting, directly or indirectly, from any delay in delivery or non-delivery of any loss or damage. Without additional charge, Seller shall manage, maintain, and preserve Furnished Property in accordance with good commercial practice. Seller shall maintain written records of the management, maintenance, and preservation of the Furnished Property, Property or from any Furnished Property that is determined to be defective. Buyer's liability for any claims in accordance with good commercial practice, and provide any way related to Furnished Property is expressly limited to the replacement of defective property returned to Buyer by Seller within thirty (30) days of Seller’s receipt of such records to Buyer, upon requestdefective property. At Buyer’s request Upon completion or at completion termination of this Order, Seller shall submit, notify Buyer in an acceptable form, inventory lists writing of any Furnished Property and that remains in Seller’s possession. Buyer shall then instruct Seller as to the return or disposition of such Furnished Property. If Buyer requests that any of the Furnished Property be returned, Seller shall deliver or make such other disposition in accordance with instructions from Buyer. With respect to Government-furnished property, or property to which the Government may take title under this Order: (1) For this OrderBuyer in good condition, the clause at FAR 52.245-1 shall apply subject to ordinary wear and is incorporated by reference; tear and (2) Seller shall provide to Buyer immediate notice of any disapproval, withdrawal of approval, or non-acceptance by the Government of its property control systemnormal manufacturing losses.

FURNISHED PROPERTY. Buyer may provide to Seller property owned by either Buyer or its customer (Furnished Property) as set forth in the Order. Furnished Property shall be used only for the performance of this Order, or for the performance of a direct contract between XxxxxBuyer’s customer and Seller where Seller has obtained specific approval from Buyer’s customer authorizing such use. Title to Furnished Property shall be retained by Buyer or its customer. Seller shall clearly mark xxxx (if not already marked) all Furnished Property to show ownership. Except in accordance with XxxxxBuyer’s written instructions and while in Seller’s possession, Seller shall prevent the comingling of Furnished Property with other materials. Except for reasonable wear and tear, Seller assumes all risk of loss, destruction, or damage of Furnished Property while in Seller’s possession, custody, or control. Upon request, Seller shall promptly provide Buyer with adequate proof of insurance against such risk of loss. Seller shall promptly notify Buyer of any loss or damage. Without additional charge, Seller shall manage, maintain, and preserve Furnished Property in accordance with good commercial practice. Seller shall maintain written records of the management, maintenance, and preservation of the Furnished Property, in accordance with good commercial practice, and provide such records to Buyer, upon request. At Buyer’s request or at completion of this Order, Seller shall submit, in an acceptable form, inventory lists of Furnished Property and shall deliver or make such other disposition in accordance with instructions from Buyer. With respect to Government-furnished property, or property to which the Government may take title under this Order: (1) For this Order, the clause at FAR 52.245-1 shall apply and is incorporated by reference; and (2) Seller shall provide to Buyer immediate notice of any disapproval, withdrawal of approval, or non-acceptance by the Government of its property control system.