Serial Defects Liabilities Clause Samples

Serial Defects Liabilities. Subject to Section 2.05 (e)(Termination of Support Obligations): (i) if, as of any date, any Serial Defect Liabilities remain outstanding, the Sponsor Guarantor may, for purposes of satisfying the condition set forth in clause (ix) of the definition of Project Completion Date, issue a Serial Defect Liabilities Coverage Notice; (ii) as of the date of delivery of the Serial Defect Liabilities Coverage Notice, and at all times thereafter, the Sponsor Guarantor unconditionally and irrevocably covenants with the Borrower and the Senior Lenders that it shall, no later than five (5) Business Days prior to the date any Serial Defect Liability is due and payable, as notified by the Borrower or any Senior Lender, make Equity Contributions to the Borrower (in addition to the Base Equity Contributions and other Equity Contributions required to be made pursuant to any other provision of this Agreement) in an amount equal to the Serial Defect Liabilities specified in such notice in the manner contemplated by Section 2.03 (Mechanics for Funding Equity Contributions); and (iii) the Borrower unconditionally and irrevocably covenants with the Senior Lenders that, following delivery by the Sponsor Guarantor of a Serial Defect Liabilities Coverage Notice, it shall upon receiving an invoice from the relevant party that is not covered by the relevant warranty or standby letter of credit under the relevant Project Document, immediately deliver written notice to the Sponsor Guarantor, with a copy to the Senior Lenders, stating and certifying the amount of such Serial Defect Document Liabilities.
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Related to Serial Defects Liabilities

  • Defects Liability 11.1 In case of a defect, the Seller will, without undue delay and free of charge, make good any defects and/ or deficiencies in its Supplies and Services which were already existent at the time of transfer of risk to the Customer by, at its sole discretion and as the nature of the defect or deficiency would reasonably require,repair or replacement. The Customer has the obligation to inform the Seller of any defect and/ or deficiency without undue delay after detection of the same. 11.2 Should remedy of a defect and/ or deficiency finally fail, the Customer shall – without prejudice to claim damages – be entitled to terminate the Contract or ask for an equitable adjustment of the Contact price. Except as otherwise provided in the Contract, a remedy shall be deemed to have finally failed after the third unsuccessful attempt by the Seller to rectify the defect and/or deficiency. 11.3 Defect liability claims shall become statute-barred after a period of 12 months, counted from the date of completion of the concerned Supplies and/or Services (“Defect Liability Period”). In case and where a longer Defect Liability Period is mandatory as per applicable law, the Defect Liability Period mentioned in the preceding sentence shall be replaced by such mandatory longer period. If any part of the Supplies and Services has to be repaired or replaced during the Defect Liability Period, the Defect Liability Period for the relevant part of the Supplies and Services shall begin for another period of 12 months, however, provided that the Defect Liability Period shall not be (further) extended beyond 24 months from the from the date of completion of the concerned Supplies and/ or Services. 11.4 The Seller shall not be liable for any damage / defect occurring after transfer of risk to the Customer being a result of careless usage, inappropriate consumables/ fuels, defective and/ or deficient civil works, inappropriate ground conditions or special outside influences which are not specifically provided for in the Contract. Should the Customer or any third party perform improper maintenance works or effect any changes to the Supplies and Services the consequences thereof shall not be covered under subject defect liability obligations of the Seller. 11.5 The Seller shall not be liable for normal wear and tear. Wear-parts are excluded from any defect liability, except in case the Customer provides proof that the damage or defect is not caused by normal wear and tear. 11.6 Any further liability for defect liability claims is – as far as permissible by applicable law – excluded.

  • DEFECT LIABILITY It is agreed that in case any structural defect or any other defect in workmanship, quality or provision of services or any other obligations of the Promoter as per the agreement for sale relating to such development is brought to the notice of the Promoter within a period of 5 (five) years by the Allottee from the date of handing over possession, it shall be the duty of the Promoter to rectify such defects without further charge, within 30 (thirty) days, and in the event of Promoter's failure to rectify such defects within such time, the aggrieved Allottees shall be entitled to receive appropriate compensation in the manner as provided under the Act.

  • Environmental Defects If Buyer determines that with respect to the Asset there exists an Environmental Condition (other than with respect to asbestos, asbestos containing materials, or NORM, and excluding any matter set forth on Schedule 6.10) (in each case, an “Environmental Defect”), then on or prior to the Defect Claim Date, Buyer may give Seller a written notice of such Environmental Defect that sets forth the information required by this Section 3.17 (an “Environmental Defect Notice”). For all purposes of this Agreement and notwithstanding anything herein to the contrary, Buyer shall be deemed to have waived any Environmental Defect that Buyer fails to timely and properly assert as an Environmental Defect by an Environmental Defect Notice received by Seller on or before the Defect Claim Date. To be effective, an Environmental Defect Notice must set forth (a) a clear description of the matter constituting the alleged Environmental Defect, (b) a description of each Asset (or portion thereof) affected by the alleged Environmental Defect, (c) the estimated proportionate share attributable to the Assets of the estimated Lowest Cost Response to eliminate the alleged Environmental Defect (the “Environmental Defect Amount”), and (d) supporting documents and reasonably necessary for Seller to verify the existence of the alleged Environmental Defect and the Environmental Defect Amount. Buyer shall furnish Seller, on or before the end of each calendar week prior to the Defect Claim Date, Environmental Defect Notices with respect to any Environmental Defects that any of Buyer’s or any of its Affiliate’s employees, representatives, attorneys, or other environmental personnel or contractors discover or become aware of during the preceding calendar week, which notice may be preliminary in nature and supplemented prior to the Defect Claim Date; provided that notwithstanding this sentence, any Environmental Defect Notice shall be deemed timely if received by Seller prior to the Defect Claim Date.

  • Seller’s Liability THE COMPANY’S TOTAL LIABILITY TO THE CUSTOMER IN CONTRACT, TORT (INCLUDING CLAIMS FOR NEGLIGENCE OR BREACH OF STATUTORY DUTY) MISREPRESENTATION, RESTITUTION OR OTHERWISE ARISING IN CONNECTION WITH THE PERFORMANCE OR CONTEMPLATED PERFORMANCE OF THE CONTRACT SHALL IN ALL CIRCUMSTANCES BE LIMITED TO THE GREATER OF (i) US$5,000 OR (ii) THE CONSIDERATION FOR THE SERVICES PAYABLE EACH CALENDAR YEAR UNDER THE CONTRACT THAT ARE SUBJECT TO THE CLAIM. UNDER NO CIRCUMSTANCE SHALL COMPANY’S LIABILITY EVER EXCEED ITS PROPORTIONATE SHARE WHERE MORE THAN ONE PARTY HAS LIABILITY. Save in the case of fraud or fraudulent concealment by the Seller, the Seller shall be under no liability in respect of any claim under the Contract and any such claim shall be wholly barred and unenforceable unless: (i) the Buyer notifies the Seller in detail and in writing of the alleged basis for the claim within two (2) months of the Buyer becoming aware thereof and within one year after the completion of the Services to which the claim relates; and (ii) the Seller is permitted to inspect any and all property with respect to which the Services are claimed to have been defective or to which ▇▇▇▇▇’s claim otherwise relates. The Buyer acknowledges that the above provisions of this Section 10 are reasonable and reflected in the price which would be higher without those provisions and the Buyer will accept such risk and/or insure accordingly. Nothing in these Terms and Conditions limits or excludes the liability of the Seller for: (x) death or personal injury to the extent resulting from the Seller’s negligence; or (y) liability incurred by the Buyer to the extent resulting from fraud or fraudulent misrepresentation by the Seller; or (z) any other matter which may not be limited or excluded by law to the extent arising out of the errors or omissions of Seller.

  • Defects Liability Period (i) The Contractor shall be responsible for all the Defects and deficiencies, except usual wear and tear in the Project Highway or any Section thereof, till the expiry of a period of commencing from the date of Completion Certificate (the “Defects Liability Period”) as specified below: (a) 5 (five) years from the date of completion in case of a road being constructed with flexible pavement; (b) 10 (ten) years from the date of completion in case of road being constructed with rigid pavement; (c) 10 (ten) years from the date of completion in case of road being constructed with flexible pavement using perpetual design; (d) 10 (ten) years from the date of completion in case of all stand-alone structures, e.