Material Loss or Damage Sample Clauses

The 'Material Loss or Damage' clause defines the parties' rights and responsibilities in the event that significant harm or destruction occurs to property or assets covered by the agreement. Typically, this clause outlines what constitutes 'material' loss or damage, sets procedures for notification, and may specify remedies such as repair, replacement, or compensation. Its core function is to allocate risk and provide a clear process for addressing substantial losses, thereby reducing uncertainty and potential disputes between the parties.
POPULAR SAMPLE Copied 2 times
Material Loss or Damage. The liability of the Insurers under Section 1 for any one Event at any one Worksite shall not exceed the Limits of Liability and the accumulative amounts of the Sub-limits of Liability stated in the Schedule.
View SourceView Similar (2)
Material Loss or Damage there has been no change in the Assets subsequent to the Effective Date other than in consequence of and in the ordinary course of operation and production which has or would have a material adverse effect on the value, use or operation thereof;
View SourceView Similar (3)
Material Loss or Damage. There shall occur (i) any material damage to, or loss, theft or destruction of, any material assets of any of the Borrowers, (ii) any strike, lockout, labor dispute, embargo, condemnation, act of God or public enemy, or other casualty, which in any such case causes, for more than ten (10) consecutive days, the cessation or substantial curtailment of revenue producing activities at any facility of any of the Borrowers or (iii) any loss, suspension or revocation of, or failure to renew, any license or permit, qualification or contract right now held or hereafter acquired by any of the Borrowers, if such event or circumstance is not covered by business interruption insurance and would have a Material Adverse Effect.
View SourceView Similar (2)
Material Loss or Damage. The Insurers will indemnify the Insured as follows.
View SourceView Similar (2)
Material Loss or Damage. There has been no physical change in the Assets subsequent to the Effective Time (other than in consequence of operation and production in the ordinary course) which has or would have a material adverse effect on the value, use or operation thereof which Purchaser agrees shall exclude: (i) any material adverse changes in the Assets due to changes in the prices at which Petroleum Substances may be sold; or (ii) changes in the value of the Assets; or (iii) changes in reservoir performance.
View Source
Material Loss or Damage. If there is any Material Loss prior to the passing of risk the Purchaser shall, within seven days following such loss or damage, by notice in writing at its option either: (1) terminate this Agreement, and neither party shall be under any further obligation to the other; or (2) elect to complete the purchase, in which case the proceeds and the right to receive the proceeds of all insurance shall be assigned by the Vendor to the Purchaser on the Closing Date. In the absence of delivery of such notice, the Purchaser shall be deemed to have elected to complete the purchase.
View Source
Material Loss or Damage. The Insurers under this Section 1 will indemnify the Insured as follows:
View Source
Material Loss or Damage. Anywhere in Australia, including cover for Insured Property whilst in storage and in transit.
View Source

Related to Material Loss or Damage

  • Loss or Damage The District and its agents and authorized representatives shall not in any way or manner be answerable or suffer loss, damage, expense, or liability for any loss or damage that may happen to the Work, or any part thereof, or in or about the same during its construction and before acceptance, and the Contractor shall assume all liabilities of every kind or nature arising from the Work, either by accident, negligence, theft, vandalism, or any cause whatsoever; and shall hold the District and its agents and authorized representatives harmless from all liability of every kind and nature arising from accident, negligence, or any cause whatsoever.

  • Risk of Loss or Damage The Purchasing Entity is relieved of all risks of loss or damage to the goods or equipment during periods of transportation, and installation by the Contractor and in the possession of the Contractor or their authorized agent.

  • Consequential Loss Notwithstanding anything contained in this Agreement, neither Party shall be liable to the other Party for any indirect, special, consequential, punitive, and/or exemplary damages or losses arising from any act or omission by that Party relating to this Agreement and each Party (the “Indemnifying Party”) shall defend, indemnify and hold the other Party (the “Indemnified Party”) harmless in respect of any and all such indirect, special, consequential, punitive, and/or exemplary damages or losses suffered or incurred by the Indemnifying Party (provided that nothing in this Clause 15 shall relieve any Party from any express obligation under this Agreement to make any payment to another).

  • Major Damage In the event of Major Damage to a Property prior to the Closing Date, then the applicable Seller shall have no obligation to repair such Major Damage and shall notify Purchaser in writing of such damage or destruction (the “Damage Notice”). Within ten (10) days after Purchaser’s receipt of the Damage Notice, Purchaser may elect at its option to give a Termination Notice for the damaged Property to Seller’s Representative. If Purchaser does not elect to terminate this Agreement with respect to the damaged Property, this transaction shall be closed in accordance with the terms of this Agreement either, at the election of the applicable Seller, (a) for the full Purchase Price for the damaged Property notwithstanding any such damage or destruction, and Purchaser shall, at Closing, execute and deliver an assignment and assumption (in a form reasonably required by the applicable Seller) of such Seller’ rights and obligations with respect to the insurance claim and related to such casualty, and thereafter Purchaser shall receive all remaining insurance proceeds pertaining to such claim (plus a credit against the applicable Purchase Price at Closing in the amount of any deductible payable by the applicable Seller in connection therewith and not spent by such Seller for demolition, site cleaning, restoration or other repairs); or (b) Purchaser shall receive a credit against the Base Purchase Price for the damaged Property for the full replacement costs of repair to the subject Property, plus, to the extent covered by such Seller’s insurance policy, any costs required pursuant to local code or zoning requirements, as determined by an independent third party reasonably acceptable to such Seller and Purchaser. In the event a Seller elects to assign such Seller's rights and obligations with respect to the insurance claim and related casualty to Purchaser as provided above, and if an AIMCO employee is the adjuster for the claim related thereto, Sellers covenant and agree that the adjuster shall act in accordance with standard insurance industry protocols in processing such claim (including, without limitation, the time taken to process such claim).

  • No Damage Any loss, damage or destruction, whether covered by insurance or not, affecting Company's business or properties;