Agenda - 02-19-1991 (2) - Laserfiche WebLink

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Page 10 of 15 the real value of the equipment. Failure of the Contractor to provide adequate insurance shall be considered a breach of contract and, after notification by the Department, may result in termination of this Agreement. Section 13. Useful Life of Project Equipment. "Useful life" for all Project equipment shall be determined by the Department. Upon the end of the period of useful life, the Contractor may dispose of Project equipment after notifying and receiving disposition instruction from the Department. Section 14. Disposition of Project Equipment. The Contractor shall dispose of all project equipment in accordance with General Statutes 143 -64.1 through 143 -64.5 and the provisions of OMB Circular A -102, dated January 1981. (a) Disposition of Equipment at the End of Useful Life. Fair market value shall be deemed to be the value of the property as determined by at least two (2) competent appraisals at the time of disposition. Loss of value as a result of negligence, maintenance practices of the Contractor, or other causes outside of normal use are the responsibility of the Contractor and may, at the discretion of the Department, be added to the fair market value. (b) Loss of _Project Equipment Due to Casualty or Fire. Fair market value shall be deemed to be equal to the damages paid by the Contractor's insurance carrier or from the self- insured reserve account. In no event shall salvage value be considered as fair market value for project equipment. Section 15. Interest of Members of or Delegates to Congress. No member of or delegate to the Congress of the United States shall be admitted to any share or part of this Agreement or to any benefit arising therefrom. Section 16. Prohibited Interest. No member, officer, or employee of the Department or of the Contractor shall have any interest, direct or indirect, in this Agreement or the proceeds therefrom.