Licensee Liability definition
Licensee Liability. Licensee assumes any and all risk of loss, damage, injury or liability, of any kind, that Licensee or Licensee's officers, agents, employees or invitees may sustain in connection with the Event, except where caused by the University's negligence or intentional misconduct. Licensee further assumes any and all risk of loss, injury, damage, or liability of any kind, to person or property that is caused by the negligence or misconduct of the Licensee or Licensee's officers, agents, employees or invitees. Licensee hereby agrees to indemnify and hold harmless the University, its officers, agents and employees from any and against any and all losses, expenses, demands, actions, suits, claims or liabilities of any nature whatsoever, including all legal costs incurred through final appellate stages, that result from any injury or death to any persons or any property damage related to the Event. If the University determines that it has sustained any loss, damage, or liability of any kind caused by use of Licensed Space, Center-Provided Equipment, or the Center generally in connection with the Event, the University will take such actions as it determines are necessary and appropriate, in its sole discretion, to restore the Licensed Space, Center and/or Center-Provided Equipment to the condition it was in prior to the damage or loss, and will invoice the Licensee for all costs associated with such repair, restoration or replacement. Licensee shall remit the full invoice amount promptly upon receipt of the invoice, but in any event no later than thirty (30) days after the date of the University's invoice. If the Licensee contracts with the Center for ticket sales, the Licensee agrees to be responsible for payment of any bad debt incurred by the Center in connection with ticket sales. The Center will provide written notice of said debt and the Licensee agrees to reimburse the Center. The Licensee is deemed to have accepted the Licensed Space, related resources, and Center-Provided Equipment in the condition existing before the Event, excepting latent, undisclosed defects of which the University had knowledge.
Examples of Licensee Liability in a sentence
Seller's liability management rating as assessed by the AER under Directive 006 – Licensee Liability Rating (LLR) Program and Licence Transfer Process and related regulations is, as of the date hereof, equal to or greater than 1.5.
Seller's liability management rating as assessed by the AER under Directive 006 – Licensee Liability Rating (LLR) Program and Licence Transfer Process and related regulations shall, at Closing, be greater than or equal to 1.5.
Specifically, the Purchaser shall assist the Vendor in estimating the "Licensee Liability Rating" of either Party, assuming Closing occurs.