Common use of Movable Property Clause in Contracts

Movable Property. Legal title to all Movable Property in existence at the Commencement Date shall be retained by MWSS. The Concessionaire is hereby granted the right to operate, maintain in good working order, repair, decommission and refurbish the Movable Property required to provide the water and sewage services under this Agreement; provided, however, that upon expiration of the useful life of any such Movable Property as may be determined by the MWSS, such Movable Property shall be returned to MWSS in its then-current condition at no charge to MWSS or the Concessionaire; Movable property acquired by the Concessionaire during the Concession Period and the cost of acquisition of which was included as a recoverable expenditure shall also be owned by the Concessionaire throughout the Concession Period provided that such Movable Property shall be partially returned to MWSS, even prior to Expiration Date, when the costs for such Movable Property have already been fully recovered by Concessionaire through tariff. For this purpose, the Concessionaire should provide documents to confirm which Movable Property have been recovered. The Concessionaire, with MWSS approval and subject to applicable Commission on Audit Rules on disposal of public property, may dispose such Movable Property if the useful life of such Movable Property has expired as determined above. Any proceeds of disposal shall redound and be remitted to MWSS without need of demand.

Movable Property. Legal title to all Movable Property in existence at the Commencement Date shall be retained by MWSS. The Concessionaire is hereby granted the right to operate, maintain in good working order, repair, decommission and refurbish the Movable Property required to provide the water and sewage services under this Agreement; provided, however, that upon expiration of the useful life of any such Movable Property as may be determined by the MWSS, such Movable Property shall be returned to MWSS in its then-current condition at no charge to MWSS or the Concessionaire; Movable property acquired by the Concessionaire during the Concession Period and the cost of acquisition of which was included as a recoverable expenditure shall also be owned by the Concessionaire throughout the Concession Period provided that such Movable Property shall be partially returned to MWSS, even prior to Expiration Date, when the costs for such Movable Property have already been fully recovered by Concessionaire through tariff. For this purpose, the Concessionaire should provide documents to confirm which Movable Property have been recovered. The Concessionaire, with MWSS approval and subject to applicable Commission on Audit Rules on disposal of public property, may dispose such Movable Property movable property if the useful life of such Movable Property the property has expired as determined above. Any proceeds of disposal shall redound and be remitted to MWSS without need of demand.