Furnished Property definition

Furnished Property means property, equipment, tools, devices, apparatus, material, etc., owned, leased, rented, or held in bailment by Buyer or the Customer and provided to Seller for Seller’s benefit. Seller does not gain any title or interest in the Furnished Property; however, Seller assumes the Risk of Loss for the Furnished Property while the Furnished Property is in Seller’s possession.
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Furnished Property means property owned, leased, rented, or held in bailment by Buyer, the Government or the Owner and that has been provided to Seller for Seller’s benefit. Furnished Property may include equipment, tools, devices, apparatus or property belonging to Buyer.
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Furnished Property means either Property (a) furnished to Seller by Buyer and required for performance of the Work under this Order, or (b) required under this Order to be acquired by Seller for performance under this Order on behalf of Buyer. All such Property shall be "as is" and may include, without limitation, tools, equipment, or material of every description, any replacement thereof, and/or any material affixed or attached thereto.
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Examples of Furnished Property in a sentence

  • Except for reasonable wear and tear, Seller assumes all risk of loss, destruction, or damage of Furnished Property while in Seller’s possession, custody, or control.

  • With respect to Government Furnished Property or property under the Order to which the Government may take title: (i) FAR 52.245-1 shall apply and is incorporated by reference; and (ii) Seller shall provide to Buyer immediate notice of any disapproval, withdrawal of approval, or nonacceptance by the Government of Seller’s property control system.

  • Furnished Property shall be used only for the performance of this Contract.

  • If Seller fails to return the Furnished Property upon Buyer’s demand, Buyer shall have the right, upon reasonable notice, to enter Seller’s premises and remove any such property at any time without being liable for trespasses or damages of any sort.

  • Seller shall promptly notify Buyer of any loss or damage to the Furnished Property.

  • All rights, title, and interest in the Furnished Property shall remain with Buyer or Buyer’s customer.

  • Seller shall manage, maintain, and preserve the Furnished Property in accordance with good commercial practice, and upon Buyer’s reasonable request, provide Buyer written records of Seller’s management, maintenance, and preservation of the Furnished Property, including any inventory lists.

  • Seller shall include this Furnished Property Article in all of its lower tier subcontracts and notify Buyer and obtain approval prior to passing Furnished Property to any lower tier subcontractor.

  • SELLER shall clearly mark (if not so marked) all Furnished Property to show its ownership.

  • Element Level Duration Remarks General information regarding the capabilities of the NW system Note: This section includes components that are Government Furnished Property (GFP) and Commercial Off The Shelf (COTS) details would lead to loss of research, development, and engineering; scientific; or technical information that would lead to a tactical disadvantage UNCLASSIFIED if the above thresholds are not met.


More Definitions of Furnished Property

Furnished Property shall have the meaning ascribed to it in the Paragraph entitled “Furnished Property”.
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Furnished Property shall have the meaning ascribed to it in Section 27.1.
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Related to Furnished Property

  • Government-furnished property means property in the possession of, or directly acquired by, the Government and subsequently furnished to the Contractor for performance of a contract. Government-furnished property includes, but is not limited to, spares and property furnished for repair, maintenance, overhaul, or modification. Government-furnished property also includes contractor-acquired property if the contractor-acquired property is a deliverable under a cost contract when accepted by the Government for continued use under the contract.

  • School property means in or within any building, structure, athletic playing field, playground, parking lot or land contained within the real property boundary line of a public elementary or secondary school, or in or on a school bus, as defined in Vehicle and Traffic Law §142.