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Contractor. <br />Free on Board (FOB) <br />Contractor is responsible for transportation and handling charges and the sale <br />Destination <br />does not occur until the Products arrive at the Purchasing Entity's specified <br />location. <br />The Device classification for the different types of Equipment in this Master <br />Croup <br />Agreement. Groups are determined by the Devices primary functions and/or <br />capabilities. <br />A natural person, business, or corporation that provides Products or Services <br />Independent Contractor <br />to another entity under the terms specified in a contract. An employer - <br />employee relationship does not exist. <br />Initial Lease or Rental <br />The length of time (i.e. 12, 18, 24, 36, 48, or 60 months) that a Purchasing <br />Terns <br />Entity enters into a lease or rental agreement. <br />Any and all patents, copyrights, service marks, trademarks, trade secrets, <br />Intellectual Property <br />trade names, patentable inventions, or other similar proprietary rights, in <br />tangible or intangible form, and all rights, title, and interest therein. <br />Largell rde Format <br />Equipment <br />A Device that prints on a large paper via a variety of output options. <br />Lead State <br />The State that is centrally administering this Master Agreement. <br />Per the Governmental Accounting Standards Board (GASB), a lease is <br />defined as a contract that conveys control of the tight to use another entity's <br />nonfinancial asset (the underlying asset) as specified in the contract for a <br />period of time in an exchange or exchange -like transaction. <br />For the purposes of this Master Agreement, a Lease shall contain the <br />following options: <br />1. Short -Term Lease: Maximum possible term is 12 months, including <br />any renewal or extension options. <br />2. Straight Lease: A type of agreement in which ownership is not an <br />Lease <br />option and the Total Monthly Payment amount remains firm <br />throughout the Initial Term. <br />3. Fair Market Value Lease (FMV): A lease in which the Purchasing <br />Entity can either 1) Take title to the Equipment at the end of the <br />Initial Lease Term by paying the residual value to Contractor, 2) <br />Enter into a Renewal Term for the Equipment, or 3) Return the <br />Equipment to Contractor at the end of the Initial Lease Term. <br />4. $1 Buyout Lease: A lease in which title to the Equipment will <br />automatically pass from the Contractor to the Purchasing Entity at <br />the end of the Initial Lease Term, and the Purchasing Entity will not <br />be subject to additional payments in order to assume ownership. <br />Equipment that was purchased, leased, or rented under a prior NASPO <br />Legacy Equipment <br />ValuePoint or WSCA Master Agreement, another program, or via any other <br />means. <br />Maintenance <br />An agreement in which the Contractor provides monthly Service, parts, <br />Agreement <br />Supplies, and Preventative Maintenance on purchased, leased or rented <br />Devices. <br />Page 7 <br />Copiers and Managed Print Services - RFP.NP-18-001. NASPO ValuePo nl Master Agreement Tens and Conditions, CMS # 140603 <br />25B-28 <br />