Common use of REPLACEMENT OF INVENTORY Clause in Contracts

REPLACEMENT OF INVENTORY. CONTRACTOR, for the Facility furnishings, fixtures, and equipment covered by the "major maintenance and repair reserve fund" as described in Section 4.9, shall replace within sixty (60) days of the date of discovery of loss, theft, damage, or inoperability beyond repair with equipment having like functional ability, life expectancy, and quality. Upon receipt, such replacement equipment shall be added to the inventory and shall become the property of the State. The On-Site Contract Monitor shall be notified quarterly, in writing, of any state-owned furnishings and equipment that were replaced. Such notification must include all pertinent information (including a copy of the purchase receipt showing purchase cost, manufacturer, model number, serial number and assigned identification number) for the replaced item. Inoperable equipment replaced by CONTRACTOR shall be disposed of by CONTRACTOR after prior approval by the Bureau and in compliance the Department of Management Services’ Property Asset Management (XXX) policy. Additional information on XXX is available at: xxxx://xxx.xxxxxxxxx.xxx/agency_administration/financial_management_services/pro perty_asset_management_pam

REPLACEMENT OF INVENTORY. CONTRACTOR, for the Facility furnishings, fixtures, and equipment covered by the "major maintenance and repair reserve fund" as described in Section 4.9, shall replace within sixty (60) days of the date of discovery of loss, theft, damage, or inoperability beyond repair with equipment having like functional ability, life expectancy, and quality. Upon receipt, such replacement equipment shall be added to the inventory and shall become the property of the State. The On-Site Contract Monitor shall be notified quarterly, in writing, of any state-owned furnishings and equipment that were replaced. Such notification must include all pertinent information (including a copy of the purchase receipt showing purchase cost, manufacturer, model number, serial number and assigned identification number) for the replaced item. Inoperable equipment replaced by CONTRACTOR shall be disposed of by CONTRACTOR after prior approval by the Bureau and in compliance the Department of Management Services’ Property Asset Management (XXX) policy. Additional information on XXX is available at: xxxx://xxx.xxxxxxxxx.xxx/agency_administration/financial_management_services/pro perty_asset_management_pamxxxx://xxx.xxxxxxxxx.xxx/agency administration/financial management services/pro perty asset management xxx