Common use of BUYER-FURNISHED PROPERTY Clause in Contracts

BUYER-FURNISHED PROPERTY. Buyer may, from time to time, furnish property to Seller for performance of a Contract. Unless otherwise provided in the Contract or agreed to in writing, property of every description including all tools, molds, equipment and material furnished or made available to Seller, title to which is in Buyer, and any replacement thereof shall be and remain the property of Buyer and Seller shall indemnify and save harmless Buyer from all liens and claims against said property arising from any cause. Property other than material shall not be modified without the written consent of the Buyer. Such property shall be plainly marked or otherwise adequately identified by Seller as property of Buyer (by name) and shall be safely stored separately and apart from Seller’s property. Seller shall not use such property except for performance of work hereunder or as authorized in writing by Xxxxx. Such property while in Seller’s possession or control shall be kept in good condition, shall be held at Seller’s risk, and shall be kept insured by Seller, at its expense in an amount equal to the replacement cost with loss payable to Buyer. To the extent such property is not material consumed in the performance of this Contract, it shall be subject to inspection and removal by Buyer, and Buyer shall have the right of entry for such purposes without any additional liability whatsoever to Seller. As and when directed by Xxxxx, Seller shall disclose the location of such property and/or prepare it for shipment and ship ICC Incoterms – EX-Works its plant to Buyer (or Buyer designated location) in same condition as originally received by Seller, reasonable wear and tear excepted. Buyer may at any time reimburse Seller for the cost of part or allspecial tooling and special test equipment paid for by Seller and, upon payment therefore, Buyer shall become the owner, entitled to possession at the completion of the Contract or such earlier date as the parties may agree.

BUYER-FURNISHED PROPERTY. Buyer may, from time to time, furnish property to Seller for performance of a Contract. Unless otherwise provided in the Contract or agreed to in writing, property of every description including all tools, molds, equipment and material furnished or made available to Seller, title to which is in Buyer, and any replacement thereof shall be and remain the property of Buyer and Seller shall indemnify and save harmless Buyer from all liens and claims against said property arising from any cause. Property other than material shall not be modified without the written consent of the Buyer. Such property shall be plainly marked or otherwise adequately identified by Seller as property of Buyer (by name) and shall be safely stored separately and apart from Seller’s property. Seller shall not use such property except for performance of work hereunder or as authorized in writing by Xxxxx. Such property while in Seller’s possession or control shall be kept in good condition, shall be held at Seller’s risk, and shall be kept insured by Seller, at its expense in an amount equal to the replacement cost with loss payable to Buyer. To the extent such property is not material consumed in the performance of this Contract, it shall be subject to inspection and removal by Buyer, and Buyer shall have the right of entry for such purposes without any additional liability whatsoever to Seller. As and when directed by Xxxxx, Seller shall disclose the location of such property and/or prepare it for shipment and ship ICC Incoterms – EX-Works - EXWorks its plant to Buyer (or Buyer designated location) in same condition as originally received by Seller, reasonable wear and tear exceptedexpected. Buyer may at any time reimburse Seller for the cost of part or allspecial of all special tooling and special test equipment paid for by Seller and, upon payment therefore, Buyer shall become the owner, entitled to possession at the completion of the Contract or such earlier date as the parties may agree.