Damage cost Sample Clauses

A Damage Cost clause defines the financial responsibility for damages that occur during the performance of a contract. Typically, it outlines how costs for repairing or replacing damaged property, equipment, or materials will be calculated and who will bear those costs. For example, if a contractor accidentally damages a client's property, this clause specifies whether the contractor must pay for repairs or if insurance will cover the expense. The core function of this clause is to allocate risk and ensure both parties understand their financial obligations in the event of damage, thereby reducing disputes and promoting accountability.
Damage cost. (a) In the event where there is damage to the Premises or public areas including the exterior of the Village, where those responsible cannot be identified, the Village Management reserves the right to impose a community levy at the end of Licence Period to all residents in the Village. If applied, the levy will be deducted from the Security Deposit of each Licensee at the end of the Licence Period. (b) Where the individual responsible for any damage to the Premises is not identified, the cost of repair/replacement shall be borne by all occupiers of the Premises. This will include damage caused to, or loss from a Common Area. (c) Individual damage to the Bedroom shall be the responsibility of the Licensee the Bedroom is allocated to. (d) If the damage occurs in a Common Area of the Premises or Block, and the perpetrator cannot be identified, the repair costs will be borne by all residents of that Block. (e) Charges for wear and tear of the Premises shall be at the discretion of the Licensor.
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Related to Damage cost

  • Damage to Equipment Each Party shall be responsible for damages to or loss of its own equipment. Each Party, and where applicable its insurer or coverage provider, waives the right to sue any other Party for any damages to or loss of its equipment, even if the damages or losses were caused wholly or partially by the negligence of any other Party or its officers, employees or volunteers.

  • Project Cost An updated cost spreadsheet reflecting the current forecasted cost vs. the latest approved budget vs. the baseline budget should be included in this section. One way to track project cost is to show: (1) Baseline Budget, (2) Latest Approved Budget, (3) Current Forecasted Cost Estimate, (4) Expenditures or Commitments to Date, and (5) Variance between Current Forecasted Cost and Latest Approved Budget. Line items should include all significant cost centers, such as prior costs, right-of-way, preliminary engineering, environmental mitigation, general engineering consultant, section design contracts, construction administration, utilities, construction packages, force accounts/task orders, wrap-up insurance, construction contingencies, management contingencies, and other contingencies. The line items can be broken-up in enough detail such that specific areas of cost change can be sufficiently tracked and future improvements made to the overall cost estimating methodology. A Program Total line should be included at the bottom of the spreadsheet. Narratives, tables, and/or graphs should accompany the updated cost spreadsheet, basically detailing the current cost status, reasons for cost deviations, impacts of cost overruns, and efforts to mitigate cost overruns. The following information should be provided:

  • Damage or Loss ● The Student is responsible for costs incurred due to loss or damage of equipment as determined by the school. Student violations of the above agreement may result in restriction to check out additional equipment as well as fines for damaged equipment.

  • Replacement Cost The term “full replacement cost” as used herein shall mean the actual replacement cost of the Leased Property requiring replacement from time to time including an increased cost of construction endorsement, if available, and the cost of debris removal. In the event either party believes that full replacement cost (the then-replacement cost less such exclusions) has increased or decreased at any time during the Lease Term, it shall have the right to have such full replacement cost re-determined.