SALVAGE AND RECOVERY CLAUSE Sample Clauses

SALVAGE AND RECOVERY CLAUSE. When, in connection with any loss hereunder, any salvage or recovery is received subsequent to the payment of such loss, the loss shall be figured on the basis on which it would have been settled had the amount of salvage or recovery been known at the time the loss was originally determined. Any amount thus found to be due either party from the other shall be paid promptly. The expense of all proceedings necessary to such recoveries shall be appointed between the interests concerned in the ratio of their respective recoveries as finally settled. If there should be no recovery and proceedings are conducted solely by the Trust, the expense thereof shall be borne by the Trust.
Sample 1
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SALVAGE AND RECOVERY CLAUSE. All salvage, recoveries and payments recovered or received prior to a loss settlement under this coverage agreement shall reduce the loss payable hereunder accordingly. If recovered or received subsequent to a loss settlement under this coverage agreement, such net amounts recovered shall be divided between the interests concerned, i.e., the Member, the Trust, and any parties participating in the loss, in proportion to their respective interests. In the event of a total loss to covered property, the Trust shall have the right to salvage the damaged property and shall retain title thereto upon payment to the Member of the loss as provided under this coverage agreement.
Sample 1

Related to SALVAGE AND RECOVERY CLAUSE

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  • Exculpatory Clause Agency-Assisted Contractor or Contractor (regardless of tier) expressly waive any and all claims against the Agency for damages, direct or indirect, including, without limitation, claims relative to the commencement, continuance and completion of construction and/or providing professional and consulting services (“the Work”). Agency- Assisted Contractor or Contractor (regardless of tier) acknowledge and agree that the procedures set forth herein for dealing with alleged breaches or failure to comply with the obligations and requirements of this SBE Agreement are reasonable and have been anticipated by the parties in securing financing, in inviting, submitting and receiving bids and proposals for the planning, design and construction of the improvements and in determining the times for commencement and completion of the planning, design and construction and/or for providing consulting, professional or personal services.

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  • Mortgage Clause 1. If a mortgagee is named in this policy, any loss payable under Coverage A or B will be paid to the mortgagee and you, as interests appear. If more than one mortgagee is named, the order of payment will be the same as the order of precedence of the mortgages.

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  • EXECUTORY CLAUSE In accordance with Section 41 of the State Finance Law, the State shall have no liability under this contract to the Contractor or to anyone else beyond funds appropriated and available for this contract.

  • FOIPP Clause 1. By submitting your bid, you agree to disclosure of the information supplied, subject to the provisions of the Freedom of Information and Protection of Privacy Act (FOIPP).

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