VSI Property Sample Clauses

VSI Property. VSI shall deliver to Manufacturer such Equipment agreed upon by the parties for use by Manufacturer only in the performance of its obligations under this Agreement. Manufacturer shall (a) identify all Equipment as the property of VSI (“VSI Property”); (b) safely store the VSI Property at all times when not in use; (c) maintain and deliver (as set forth herein) the VSI Property in good working condition (where applicable), reasonable wear and tear excepted; (d) insure the VSI Property and keep it insured until delivered to VSI in an amount equal to the replacement cost with loss payable to VSI; and (e) keep the VSI Property free of all liens, claims, encumbrances and interests of third parties, all at Manufacturer’s sole expense. Manufacturer is responsible for ensuring that Equipment is routinely calibrated, inspected, maintained and qualified for use. Calibration must be traceable to national or international standards and the calibration status must be clearly identified on the Equipment. Risk of loss to the VSI Property shall transfer to and remain with Manufacturer from receipt of the Equipment until delivery to VSI. All VSI Property is subject to inspection by VSI at any time at Manufacturer’s premises upon reasonable notice. Except as set forth herein, no use of VSI Property shall be permitted without prior written consent of VSI.