Common use of Title Interest Clause in Contracts

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