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.