Tobacco Documents Online

iu IV. F'ropcrty PrUWisionsy rqO 119262 A. CTR Furnished Property. From time to time. as CTR may deem it necessary, they have the right to furnish property required for the performance of the work under this contract. It is requircd that a transfer letter, in tripli- cate be provided indicating the following information: 1. Item number 2. Description (include model, type, capacity, dimensions, etc.) 3. Quantity 4, Manufacturer's serial number 5. Condition (hew. good, fair, poor) '6• Acquisition value Upon receipt of the furnished property. one copy will be signed by an authorrzed representative of Microbiological Associates and returned to the Council for Tobacco Research. B. Title. Title to all property furnished by CTR shall remain in CTR. Title to all property pur- chased by MA. the cost of which MA is entitled to be reimbursed, shall pass to and vest in CTR. C. Microbiological Associates shall maintain and ad- minister in accordance with sound business practice a program for the maintenance, repair. protection and preservation, control of. and accountability for, the Council for Tobacco Research property so as to assure its full availability and usefulness for the performance of this contract. D. Cost of lnsuranca. State and Local Personal Property Taxes. Though title to personal property may be vested in CTR. MA will properly insure it and be responsible for filing state and local personal property tax returns. Chargi:s for insurance coverage and attributable personal property taxes will be paid directly by MA and costs thereof to be a part of the oroposed overhead. E. Disposition of Property. Upon completion or expiration of this contract MA sha11 render an accounting of all CTR property which had come into ihe possession or eustodv of MA under this contract. , MA agrees to purchase available property from CTR as follows: Period of time of_L after en-txaet Purchase Price % of Acgu i red Va l ue f•.iA• lst year 20% 2nd year 20% 3rd year 20% 4th year 15% 5th year 10% thercafter $1.