Loss, Damage or Theft Clause Samples
The 'Loss, Damage or Theft' clause defines the responsibilities and procedures if property or goods covered by the agreement are lost, damaged, or stolen. Typically, this clause outlines which party bears the risk, the steps to report incidents, and any obligations for repair, replacement, or compensation. For example, it may specify that the lessee must notify the lessor immediately if equipment is stolen, or that the owner is not liable for damage caused by the user's negligence. Its core function is to allocate risk and clarify liability, helping prevent disputes by setting clear expectations for handling such incidents.
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Loss, Damage or Theft. In the event loss, damage or theft of freight, equipment, materials, or supplies is incurred as a direct result of a willful gross negligent act by an employee in the performance of assigned work, when such act knowingly may result in such loss, damage or theft, the employee may be held responsible for such acts and may be required to assume liability for any such loss, damage or theft, in whole or in part. The term “willful, gross negligent acts” is intended to describe independent actions of any employee who knowingly violates established rules or policies that, when adhered to, clearly prevent loss, damage or theft described herein. Employees shall not be held responsible or required to assume liability for loss or damage or theft unless clear proof of willful, gross negligence is shown. In no event will an employee be held responsible for, or required to assume any liability for any loss, damage or theft when performing assigned work in a manner as specifically instructed by a supervisor. This Article shall not be utilized in any manner to hold an employee liable for any loss or damage of equipment under any conditions or for any damage to cargo as a result of a vehicular accident.
Loss, Damage or Theft. 4.5.1. Loss, damage or theft of any IT equipment must be reported to the IT Service Desk as soon as possible. The IT Service Desk team will record the incident and provide a reference number to the affected user.
4.5.2. Loan devices will be issued during the period of repair for all damaged laptops and desktops where a like for like replacement cannot be provided.
4.5.3. The loss or possible theft of any device capable of storing data must be reported to the IT Service Desk by the end user, in line with the University Data Breach Policy.
4.5.4. Suspected theft of an EUD (as defined in Section 1), or peripherals over the value of £500 should be reported to the police at the earliest opportunity by the affected user. The crime reference number should be provided to the IT Service Desk, who will add this to the incident record.
4.5.5. The IT Service Desk will liaise with the 2nd line support teams to arrange for a replacement device.
Loss, Damage or Theft. ShowStoppers and by extension the organizers of the NAB Show shall not be responsible for loss, damage or theft of Demonstrator's products or equipment.
Loss, Damage or Theft. 3.1 Where loss or theft or damage to the instrument occurs BMILS and the relevant Insurance Company should be notified immediately. Where theft is suspected the Insurance Company will also require the police to be notified and a Crime Reference Number to be obtained. In the case of damage BMILS should be contacted in person within 48 hours and their advice obtained regarding where the instrument should be taken for assessment. In the case of material damage, BMILS reserves the right to request a statement of circumstances and/or photographs of the instrument/bow. Repairs may not be carried out without the express authorisation of BMILS.