Compensation For Damage To The Property Clause Samples

The "Compensation For Damage To The Property" clause establishes the responsibility of a party to pay for any harm or loss caused to the property covered by the agreement. Typically, this clause outlines the circumstances under which compensation is required, such as accidental damage, negligence, or willful misconduct, and may specify how the amount of compensation is determined or the process for making a claim. Its core function is to ensure that the property owner is protected financially against damage, thereby allocating risk and encouraging careful use of the property.
Compensation For Damage To The Property. Since damages to the Habitat Area of the Property based on market value may not adequately compensate for environmental harm, if a breach of this Agreement requires you to compensate DUC, damages may be based on the cost of restoring the Habitat Area of the Property.
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Compensation For Damage To The Property. At the end of the Term to pay reasonable compensation to the property manager for any loss and/or damage caused to the Property by the Guest as a result of its negligent act and/or omission. This may include paying for the breakages and paying for the professional cleaning if this is necessary. Any such damage will be notified to the Guest within five (5) days of the end of the Term, with any such notification providing detail of such damage together with evidence of the same. If necessary, the Guest and/or his Insurers shall have an opportunity to review and/or obtain independent estimates for any damage. Any claims for damage not raised within this period are thereafter waived. To maintain the interior of the property, the internal decorations, the furniture and effects and any fixtures, fittings, and appliances in no more good condition as they were in at the beginning of the tenancy (fair wear and tear excepted). To return the property and the furniture and effects to the property manager at the end of the Term in no more good condition as they were in at the start of the Term (fair wear and tear excepted). Not to remove any of the furniture and effects from the property. To repair or replace with identical items (or items of similar kind and value) or to pay a fair sum to Property Manager in compensation (at the discretion of the Guest /the Guest’s Insurers) for, any of the furniture and effects which are damage, destroyed, or lost by the Guest or his invitees or as a result of the tenant’s negligent act and/or omission. To use baths, sinks, taps, and toilets carefully and reasonably and to pay for any damage to the same as above; To take adequate precautions to prevent flooding of the property by washing machines and other appliances or by baths or showers.
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Related to Compensation For Damage To The Property

  • Compensation for Damage or Loss 1. When investments made by investors of either Contracting Party suffer loss or damage owing to war or other armed conflict which is not a result of the activities of the Contracting Party to which the investors belong, civil disturbances, revolution, riot or similar events in the territory of the latter Contracting Party, they shall be accorded by the latter Contracting Party, treatment, as regards restitution, indemnification, compensation or any other settlement, not less favourable than that that the latter Contracting Party accords to its own investors or to investors of any third State, whichever is most favourable to the investors concerned. 2. Without prejudice to paragraph 1 of this Article, investors of one Contracting Party who in any of the events referred to in that paragraph suffer damage or loss in the territory of the other Contracting Party resulting from: a) requisitioning of their property or part thereof by its forces or authorities; b) destruction of their property or part thereof by its forces or authorities which was not caused in combat action or was not required by the necessity of the situation, shall be accorded a prompt restitution, and where applicable prompt, adequate and effective compensation for damage or loss sustained during the period of requisitioning or as a result of destruction of their property. Resulting payments shall be made in freely convertible currency without delay. 3. Investor whose investments suffer damage or loss in accordance to paragraph 2. of this Article, shall have the right to prompt review of its case by a judicial or other competent authority of that Contracting Party and of valuation of its investments and payment of compensation in accordance with the principles set out in paragraph 2. of this Article.

  • DAMAGE TO THE PROPERTY If the property is damaged, by fire or other casualty, after the Effective Date and before the Closing, the Seller will bear the risk of loss and the Buyer may cancel this Agreement without liability and the Escrow Money shall be returned to the Buyer. Alternatively, the Buyer will have the option of purchasing the Property at the agreed-upon Purchase Price and the Seller will credit the deductible, if any, and transfer to the Buyer at Closing any insurance proceeds or Seller's claim to any insurance proceeds payable for the damage. The Seller will cooperate with and assist the Buyer in collecting any such proceeds. The Seller shall not settle any insurance claim for damage caused by casualty without the consent of the Buyer.

  • Damage to the Premises If the Premises shall, without fault or neglect on the part of Tenant, its agents, employees, invitees, customers or employees, be damaged or destroyed by fire or other casualty covered by standard policies of fire and extended coverage insurance and such damage or destruction (exclusive of Tenant’s leasehold improvements) could reasonably be repaired within ninety (90) working days from the happening thereof, then Landlord shall proceed with all reasonable speed to repair such damage or destruction, exclusive of Tenant’s leasehold improvements which shall be the sole responsibility of Tenant. If the Premises cannot reasonably be restored within said ninety (90) day period, then Landlord may, but shall not be required to, elect to restore the Premises. If Landlord does not elect to restore the Premises, then this Lease shall terminate as of the date of such damage or destruction and both parties shall be released from further liability hereunder, without prejudice, however, to any rights accruing to either party prior to the date of such damage or destruction. If Landlord elects or is required to restore the Premises and promptly commences and thereafter diligently pursues such restoration, then this Lease shall not terminate, notwithstanding that the actual time required for such repairs or restoration may exceed that contemplated by the parties and Tenant shall be entitled to a temporary reduction in Fixed Minimum Rent, as determined by Landlord, corresponding to the time during which and that portion of the Premises of which Tenant is deprived of possession on account of such damage or destruction or the repair or restoration thereof undertaken by Landlord. Notwithstanding the foregoing, Landlord shall have the right to receive the full amount of the proceeds of any business interruption insurance for the undiminished Fixed Minimum Rent and there shall be no reduction in Fixed Minimum Rent if such damage or destruction was the result of the fault or neglect of Tenant, its agents, employees, invitees, customers and employees. Notwithstanding anything in this Lease to the contrary, Landlord shall not be obligated to repair the Premises and Landlord shall have the right to terminate this Lease if the Premises are substantially damaged or destroyed by fire or any other cause during the last two (2) years of the term of this Lease or if the Building (whether or not Premises are damaged or destroyed) or the Common Areas are substantially destroyed by fire or other cause. If the damage or destruction of the Premises is so minor that the Premises remain fit for occupancy, then Landlord shall repair such damage or destruction as promptly as reasonably possible and there shall be no abatement of Fixed Minimum Rent as a result thereof.

  • Compensation for Damages (1) If the Principal has disqualified the Bidder(s) from the tender process prior to the award according to Section 3, the Principal is entitled to demand and recover the damages equivalent to ▇▇▇▇▇▇▇ Money Deposit/Bid Security. (2) If the Principal has terminated the contract according to Section 3, or if the Principal is entitled to terminate the contract according to Section 3, the Principal shall be entitled to demand and recover from the Contractor liquidated damages of the Contract value or the amount equivalent to Performance Bank Guarantee.

  • Compensation for Damages or Losses When investments by investors of either Contracting Party suffer damages or losses owing to war, armed conflict, a state of national emergency, revolt, insurrection, riot or other similar events in the territory of the other Contracting Party, they shall be accorded by the latter Contracting Party a treatment, as regards compensation or other settlement, not less favourable than that accorded to its own investors or to investors of any Third State.