THIRD-PARTY DAMAGE RECOVERY Sample Clauses
The Third-Party Damage Recovery clause establishes the process and rights for recovering damages caused by third parties to property or interests covered under the agreement. Typically, this clause outlines the responsibilities of the parties to notify each other of such damage, cooperate in pursuing claims against the responsible third party, and allocate any recovered amounts according to the agreement. Its core function is to ensure that losses caused by external parties are addressed efficiently and fairly, preventing disputes between the contracting parties and clarifying how recoveries are handled.
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THIRD-PARTY DAMAGE RECOVERY. Where in an action, or by settlement of a claim arising out of an injury to an employee who in respect of such injury has elected to claim compensation under the Workplace Safety Insurance Act, the Employer recovers damages from a third person, the Employer may in its discretion pay such damages or any portion thereof to such employee or in the event of his/her death to one or more of his/her dependents.
THIRD-PARTY DAMAGE RECOVERY