Joint Loss Sample Clauses
The Joint Loss clause defines how losses that affect multiple parties or interests under a contract are to be handled. Typically, this clause outlines the procedures for allocating responsibility and sharing the financial burden when a single event causes damage or loss to more than one party, such as in cases of shared property or joint ventures. By establishing clear rules for apportioning losses, the clause helps prevent disputes and ensures that all parties understand their obligations in the event of a joint loss, thereby promoting fairness and reducing uncertainty.
Joint Loss. The parties agree that they shall use their best efforts to obtain agreement of each wherein their respective insurers shall agree as follows:
(i) If either or both parties suffer a loss which both insurers herein agree is insured in whole or in part under both their respective policies; and
(ii) if the insurers herein further agree with either or both parties in writing as to the amount of loss payable under both policies; and
(iii) There is disagreement as to how much of such insured loss each insurer herein shall pay;
(iv) Such loss shall be settled by payment of the full amount thereof to the party suffering a loss, each carrier shall contribute the sum for which it admits liability plus an amount equal to one-half (1/2) of the amount of loss that is in disagreement. Each party agrees to cooperate in furnishing information and technical data as may be required by the carriers in order that they may determine, by such steps as they may elect, the final apportionment of the loss between them.
Joint Loss. Except as otherwise expressly provided in this Article 4, any loss or liability incurred by the Parties from any error or omission by a Party in performance of its obligations under this Article 4 will be borne by the Parties jointly.