Common use of TREATMENT OF ASSETS Clause in Contracts

TREATMENT OF ASSETS. A. Title to all property financed or furnished by the District shall remain in the District. Title to all property purchased by the contractor, for which the contractor is entitled to be reimbursed as a direct item of cost under this contract, shall pass to and vest in the District upon delivery of such property to the contractor. Title to other property, the cost of which is reimbursable to the contractor under the contract, shall pass to and vest in the District upon (i) issuance for use of such property in the performance of this contract or (ii) commencement of use of such property in the performance of this contract or (iii) reimbursement of the cost thereof by the District in whole or in part, whichever first occurs.