Common use of Replace or Repair Clause in Contracts

Replace or Repair. 6.1 When a claim is submitted under the Product Warranty or Performance Warranty to LG Energy Solution, LG Energy Solution shall decide whether to (i) repair the defective Products, or (ii) replace the defective Products with refurbished parts equal in value. 6.2 The Product Warranty period and Performance Warranty period for the repaired or replaced part/Product shall be the remainder of the warranty period for the original part/Product. 6.3 Subject to the requirements of any applicable law, LG Energy Solution shall not be liable to indemnify or compensate the Buyer for any damages or losses, including but not limited to loss of income or goodwill, which shall arise out of the Product Warranty or Performance Warranty unless otherwise explicitly specified herein. 6.4 The Warranty for defective Products is only valid when the defective Products have been repaired or replaced by personnel appointed by LG Energy Solution. In the event the Products are no longer commercially available, LG Energy Solution, at its option, may complete the replacement with alternative equipment deemed to be equivalent in function and performance, or refund the remaining depreciated value of the purchase price of the Products during the Warranty period as set out in the Compensation Scheme below. The purchase price of the Product is defined by the price paid, in local currency, by the Reseller or Certified Installer. • Residual value in [Local Currency] = (Purchasing price in [Local Currency] / 120) x (120 - Operation time after installation in month) • No warranty of performance will be provided from the 121st month