Common use of Risk and Liability Clause in Contracts

Risk and Liability. (i) Title to the Equipment remains with us at all times. Risk transfers to you upon delivery to your Premises and transfers back to us after we have inspected and received the returned Equipment. (ii) If, due to your act or omission, the Equipment is (A) damaged, lost, or destroyed; or (B) otherwise sustains faults or defects, we may, at our discretion, repair or replace the affected Equipment to restore it to its original condition and invoice you for the reasonable costs of the repair or replacement in accordance with clause 9(c)(iii) below. (iii) Except for fair wear and tear, you are responsible for all reasonable costs associated with the repair or replacement of the Equipment. (iv) You indemnify us against any costs, expenses, or liabilities arising from the repair, replacement, or restoration of the Equipment beyond fair wear and tear, except to the extent caused by our negligence or breach of this Agreement.