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<br />PERFORMING AGENCY shall administer a program of maintenance, repair, and protection of assets under this <br />contract so as to assure their full availability and usefulness. In the event PERFORMING AGENCY is <br />indemnified, reimbursed, or otherwise compensated for any loss of, destruction of, or damage to the assets <br />provided under this contract, it shall use the proceeds to repair or replace said assets. If any item of equipment is <br />no longer needed to perform services under the contract or becomes inoperable, PERFORMING AGENCY shall <br />request disposition instructions in writing from RECEIVING AGENCY. <br /> <br />Upon termination or expiration of applicable Attachment(s) that are not renewed, title to any remaining equipment <br />and supplies purchased from funds under this contract reverts to RECEIVING AGENCY. Title may be transferred <br />to any other party designated by RECEIVING AGENCY. RECEIVING AGENCY may, at its option and to the <br />extent allowed by law, transfer the reversionary interest to such property to PERFORMING AGENCY. <br /> <br />ARTICLE 22. Contracts with Subrecipients <br /> <br />PERFORMING AGENCY may enter into contracts with subrecipients unless restricted or otherwise prohibited in <br />specific Attachment(s). Prior to entering into an agreement equaling $25,000 or twenty-five percent (25%) of an <br />Attachment, whichever is greater, PERFORMING AGENCY shall obtain written approval from RECEIVING <br />AGENCY. <br /> <br />Contracts with subrecipients shall be in writing and include the following: <br /> <br />· Name and address of all parties; <br />. A detailed description of the services to be provided; <br />· Measurable method and rate of payment and total amount of the contract; <br />. Clearly defined and executable termination clause; <br />· Beginning and ending dates which coincide with the dates of the applicable contract Attachment(s) or cover <br />a term within the beginning and ending dates of the applicable contract Attachment(s); <br />· Records retention requirements consistent with UGMS; <br />· Access to inspect the work and the premises on which any ofthe work is performed, in accordance with the <br />Inspections Article contained in this contract; and, <br />· All clauses required by state/federal statutes, executive orders, and their implementing regulations. <br /> <br />PERFORMING AGENCY agrees that all contracts with subrecipients containing a categorical budget shall include <br />audit requirements referenced in the Allowable Costs and Audit Requirements Article of this contract, as <br />appropriate. <br /> <br />PERFORMING AGENCY is responsible to RECEIVING AGENCY for the performance of any subrecipient. <br />PERFORMING AGENCY shall monitor both financial and programmatic performance and maintain pertinent <br />records that shall be available for inspection by RECEIVING AGENCY. <br /> <br />PERFORMING AGENCY shall ensure that: <br /> <br />. Subrecipients are fully aware of the requirements imposed upon them by state/federal statutes and <br />regulations; <br />. Subrecipients comply with all financial management requirements as defined by RECEIVING AGENCY, <br />UGMS and the applicable OMB circulars; <br />. Subrecipients complete required audits; <br /> <br />(LGS) <br /> <br />GENERAL PROVISIONS Page 15 <br /> <br />1 \12001 <br />