RSS Feeds12. Assets
12.1 The Host Institution shall procure that at all times it has full and unencumbered title to all Assets and shall not dispose of or grant any security or otherwise deal with any Asset without the prior written approval of the HRB.
12.2 The Host Institution shall be responsible for ensuring that all such Assets have adequate insurance cover. If an Asset is damaged or destroyed, the Host Institution shall repair or replace it.
12.3 Any loss resulting from payments made for an Asset in advance of delivery will be entirely the responsibility of the Host Institution.
12.4 The Assets shall be used solely for the purpose of Grant Funded Activities and if during the Term or thereafter an Asset is not required for use in connection with the Grant Funded Activities the Host Institution shall so notify the HRB in writing and shall make it available for use in the following order of priority:
12.4.1 to any other grant funded activity within the Host Institution funded by the HRB;
12.4.2 to any other grant funded activity sponsored by the HRB;
12.4.3 to any research in Ireland in receipt of sponsorship or funding from the HRB;
12.4.4 to any other research within the Host Institution which is in receipt of sponsorship or funding from any agency of the Irish Government or the European Commission;
12.4.5 to any other research in Ireland which is in receipt of sponsorship or funding from any agency of the Irish Government or the European Commission;
12.4.6 to any research or use nominated or directed in writing by the HRB;
12.4.7 as the Host Institution itself may reasonably desire in furtherance of its educational research objectives;
Provided that where any such Asset is made available for other use the Host Institution may require payment of a reasonable market fee in respect of such use which shall be treated as income of the Grant Funded Activity.
12.5 The Host Institution shall ensure effective asset management and maintenance standards and in particular shall maintain detailed and accurate records containing the following information:
12.5.1 a description of each Asset;
12.5.2 manufacturer’s serial number and model number;
12.5.3 source and/or supplier;
12.5.4 details regarding the funding by which each Asset was acquired;
12.5.5 details regarding title to each Asset;
12.5.6 details of acquisition and cost;
12.5.7 information from which one can calculate the percentage of the Host Institution’s participation in the cost of the Asset;
12.5.8 location and condition of the Asset and the date upon which that information was reported;
12.5.9 ultimate disposition data, including date of disposal and sale price and the method used to determine current fair market value.
12.6 The Host Institution shall suitably designate or label the Assets to acknowledge the support of the HRB.
