RECEIPT LIABILITY Clause Samples
The Receipt Liability clause establishes the responsibility of a party for items, goods, or payments once they have been received. In practice, this means that upon delivery or acknowledgment of receipt, the receiving party assumes liability for loss, damage, or mishandling of the items in question. This clause is essential for clearly allocating risk between parties, ensuring that there is no ambiguity about who is responsible for the goods or funds after they have changed hands.
RECEIPT LIABILITY. Our liability for losses under the terms of a Conditional Receipt or Temporary Insurance Receipt is shown in Exhibit D (Conditional Receipt Liability).
RECEIPT LIABILITY. If the Ceding Company should become liable for a loss as the result of the issuance of its Conditional Receipt which is in excess of its maximum available retention for the risk, then the Pool agrees to be liable for such excess, subject to the amount limits in the following paragraph, provided:
RECEIPT LIABILITY. Our liability for losses under the terms of a Conditional Receipt or Temporary Insurance Receipt is shown in Exhibit E (Conditional Receipt Liability). Continued...