Common use of RESPONSIBILITY FOR LOSS OR DAMAGE Clause in Contracts

RESPONSIBILITY FOR LOSS OR DAMAGE. You are responsible for any loss of or damage to the Equipment from any cause whatsoever. You agree to read and follow the instructions and advice contained in the User’s Guide(s) delivered to you with the Equipment. You will notify us immediately of any damage to or loss of any of the Equipment and of any failure of the Equipment to operate properly. In the event of loss or damage to the Equipment, you will pay us the amount we customarily charge to repair or replace the Equipment (the decision to repair or replace the Equipment is at our sole option). If you have satisfied your obligations under this Paragraph, we will forward to you any insurance proceeds that we receive for lost, damaged, or destroyed Equipment. If you are in default, we will apply any insurance proceeds we receive to reduce your obligations under this Agreement.