Common use of Title Interest Clause in Contracts

Title Interest. The DEM retains title interest in all property and equipment purchased under this contract. In the event that the VOAD fails or refuses to comply with the provisions of this Agreement or terminates this contract, the DEM, at its discretion, may take either of the following actions: (i) Require the VOAD to purchase the property or equipment at fair market value or other mutually agreed to amount; or (ii) Require the VOAD to transfer the property or equipment and title of said property or equipment, if any, to the DEM or to another VOAD, as directed by the DEM.