Obligation to report damage Clause Samples

The 'Obligation to report damage' clause requires a party to promptly notify the other party if any damage occurs to property, goods, or assets covered by the agreement. Typically, this clause specifies the timeframe within which the report must be made and may outline the method of notification, such as written notice or electronic communication. Its core function is to ensure transparency and timely communication, enabling both parties to address the damage efficiently and mitigate further loss or liability.
Obligation to report damage. The Lessee shall carefully monitor the state and the operational condition of the Equipment and immediately notify the Lessor in this respect by telephone in case of a problem, defect, malfunction, breakdown or accident, or when the operation of any part of the Equipment does not meet the reasonable requirements which may be placed on the Equipment. This notification must be followed within forty-eight (48) hours by a written confirmation by fax or e-mail, accompanied by a detailed description of the problem, defect, malfunction, damage, or abnormality.
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Obligation to report damage. When the Insurer learns that the risk has occurred, it informs the insurer without delay. If failure to notify the occurrence of the risk or late notification has caused an increase in the compensation or price to be paid, a deduction shall be made from the compensation or price according to the severity of the defect.
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Obligation to report damage. The Lessee shall carefully monitor the state and the operational condition of the Equipment and immediately notify the Lessor in this respect in case of a problem, defect, malfunction, breakdown or accident. This notification must be followed within forty-eight (48) hours by a written confirmation by fax or e-mail, accompanied by a detailed description of the problem, defect, malfunction, damage, or abnormality.
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Obligation to report damage. The Lessee shall carefully monitor the state and the operational condition of the Equipment and immediately notify the Lessor in this respect by telephone in case of a problem, defect, malfunction, breakdown or accident, or when the operation of any part of the Equipment does not meet the reasonable requirements which may be placed on the Equipment. This notification must be followed within forty-eight (48) hours by a written confirmation by fax or e-mail, accompanied by a detailed description of the problem, defect, malfunction, damage, or abnormality. The Lessee is strictly prohibited from further use of the Equipment after a determination of a defect and/or damage.
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Related to Obligation to report damage

  • No Obligation to Mitigate Damages Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise.

  • Obligation to Mitigate Each Lender (which term shall include Issuing Bank for purposes of this Section 2.21) agrees that, as promptly as practicable after the officer of such Lender responsible for administering its Loans or Letters of Credit, as the case may be, becomes aware of the occurrence of an event or the existence of a condition that would cause such Lender to become an Affected Lender or that would entitle such Lender to receive payments under Section 2.18, 2.19 or 2.20, it will, to the extent not inconsistent with the internal policies of such Lender and any applicable legal or regulatory restrictions, use reasonable efforts to (a) make, issue, fund or maintain its Credit Extensions, including any Affected Loans, through another office of such Lender, or (b) take such other measures as such Lender may deem reasonable, if as a result thereof the circumstances which would cause such Lender to be an Affected Lender would cease to exist or the additional amounts which would otherwise be required to be paid to such Lender pursuant to Section 2.18, 2.19 or 2.20 would be materially reduced and if, as determined by such Lender in its sole discretion, the making, issuing, funding or maintaining of such Revolving Commitments, Loans or Letters of Credit through such other office or in accordance with such other measures, as the case may be, would not otherwise adversely affect such Revolving Commitments, Loans or Letters of Credit or the interests of such Lender; provided, such Lender will not be obligated to utilize such other office or take such other measures pursuant to this Section 2.21 unless Borrower agrees to pay all reasonable incremental expenses incurred by such Lender as a result of utilizing such other office or take such other measures as described above. A certificate as to the amount of any such expenses payable by Borrower pursuant to this Section 2.21 (setting forth in reasonable detail the basis for requesting such amount) submitted by such Lender to Borrower (with a copy to Administrative Agent) shall be conclusive absent manifest error.

  • OBLIGATION TO NEGOTIATE 50.01 The Employer and the Union acknowledge that during negotiations which preceded this Agreement, each had the unlimited right and opportunity to make demands and proposals with respect to any subject or matter not removed by law from the area of collective bargaining/negotiations and that the understandings and agreements arrived at by the parties after the exercise of that right and opportunity are set forth in this Agreement.

  • No Obligation to Mitigate Damages; No Effect on Other Contractual Rights (a) The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Agreement be reduced by any compensation earned by the Executive as the result of employment by another employer after the Date of Termination, or otherwise. (b) The provisions of this Agreement, and any payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way diminish the Executive's existing rights, or rights which would accrue solely as a result of the passage of time, under any benefit plan, incentive plan or stock option plan, employment agreement or other contract, plan or arrangement.

  • OBLIGATION TO REMIT SUBSEQUENT PAYMENTS AND FORWARD COMMUNICATIONS (A) Any payment received by SLM ECFC with respect to amounts accrued after the date of the related ▇▇▇▇ of Sale for any Purchased Loan sold to Funding, which payment is not reflected in the related Loan Transmittal Summary Form, shall be received by SLM ECFC in trust for the account of Funding and SLM ECFC hereby disclaims any title to or interest in any such amounts. Within two (2) Business Days following the date of receipt, SLM ECFC shall remit to Funding an amount equal to any such payments along with a listing on a form provided by Funding identifying the Purchased Loans with respect to which such payments were made, the amount of each such payment and the date each such payment was received. (B) Any written communication received at any time by SLM ECFC with respect to any Loan subject to these Master Terms or the related Purchase Agreement shall be transmitted by SLM ECFC to the Servicer within two (2) Business Days of receipt. Such communications shall include, but not be limited to, letters, notices of death or disability, notices of bankruptcy, forms requesting deferment of repayment or loan cancellation, and like documents.