Equipment and assets
If any equipment or assets will be purchased or created for the project or using project funds, the parties should consider who will own those assets on the completion of the project. The University will generally own real property it purchases, but a contract may require otherwise. Note if the University is borrowing equipment and will be responsible for it, the Insurance Office may require something in writing to this effect.
Assets and equipment should be purchased and handled in accordance with University policy, but a contract may impose additional requirements, for example particular asset reporting requirements or requirements to provide insurance for certain equipment.
Provision of equipment
Researchers should also consider which party will be providing any equipment required to conduct the project. If there is a requirement in the research contract for one party to provide equipment, this should be consistent with both parties’ expectations.
If you have any queries, please contact Legal Services for advice on 9479 2495.
This article provides general information only. It is not a complete or definitive statement of the law on the subject matter. Formal legal advice should be sought in relation to particular matters.