Accountable Property definition

Accountable Property means Government owned items with a purchase price of $5,000 or more, or items that Government considers valuable or sensitive (e.g., cameras, chainsaws, laptop computers). This Accountable Property is generally tagged with a Government identification number.

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Accountable Property means all personal property that is subject to accountability by appropriate authority. Such property includes capitalized and non-capitalized equipment with an acquisition cost of $1,000 or more per item or has been deemed pilferable by the Property Manager. Items with recurring monthly charges with life cycle cost of more than $1,000, such as cellular phones, must be included as accountable property. Accountability is also required for items purchased utilizing the Governmentwide Purchase Card.

Accountable Property means only those items over $5000 which has a life of more than one year. It is required that these items be listed and a determination of how title will be vested at completion of the project. Items of equipment which have a value of less than $5000 may be listed if the University has no objections to tracking the items and there is justification for doing so, i.e., the equipment is provided by an outside agency and they want the equipment at completion of the RWO.)

Examples of Accountable Property in a sentence

• Seller shall use, manage, maintain, protect, and preserve Accountable Property in accordance with good commercial practices, at Seller’s risk and sole expense.

• Seller shall promptly, and in no event more than ten (10) days after first learning of such an event, inform the Buyer in writing of any loss or damage to Accountable Property.

• Seller is responsible for any loss, theft, destruction or damage of Accountable Property while in Seller’s possession, custody or control.

• However, Seller is not responsible for reasonable wear and tear to Accountable Property or for Accountable Property that is properly consumed in performance of the Contract.

• Seller’s obligation to maintain Accountable Property shall continue until formally relieved of responsibility by authorized means.

• Seller shall maintain insurance covering the full replacement value of all Accountable Property and providing protection against all perils normally covered in an “all-risk” policy, including, but not limited to, fire, windstorm, explosion, riot, civil commotion, aircraft accident, earthquake, flood or other acts of nature.

• As directed by the Buyer or upon completion or termination of the Contract, Seller shall provide the Buyer, in acceptable form, an inventory list of Accountable Property and shall deliver such Accountable Property, to the extent not incorporated in delivered materials, to the Buyer.

• Company or its customer shall have access at all reasonable times to the premises at which Accountable Property is located for the purpose of inspecting the Accountable Property.

• Company does not warrant the suitability of Accountable Property and all Work performed must be in strict accordance with drawings and specifications.

• This requirement applies to all Accountable Property under Seller’s stewardship, possession or control, including its vendors or subcontractors.

More Definitions of Accountable Property

Accountable Property means any item of property acquired by capital lease, or with an acquisition cost of $5,000 or greater with a useful life of two years or more.