This office lease clause deals with the mandatory obligation of the landlord to rebuild; time periods for reconstruction; continuation of abatement periods; the appropriate "what ifs" in the event portions of the premises cannot be restored and are deemed to be indispensable; and circumstances when the landlord or tenant can elect to terminate the lease.
Salt Lake Utah Clause Dealing with Fire Damage
Category:
State:
Multi-State
County:
Salt Lake
Control #:
US-OL11024A
Format:
Word;
PDF
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How to fill out Clause Dealing With Fire Damage?
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FAQ
Indemnity clauses provide for management of risk of losses associated with a contract. It must be drafted in a manner that it covers all important aspects. Essentially, the nature of agreement determines the extent of indemnity obligations that one party may have towards another.
What Is Indemnity? In an insurance context, an indemnity refers to a contractual obligation for one party to provide compensation in the event of losses on the part of another party.
Why do I need an indemnity clause? Indemnity clauses are used to manage the risks associated with a contract, because they enable one party to be protected against the liability arising from the actions of another party.
There are two parties in an indemnity contract, including the indemnitee and indemnifier. The indemnitee is the party that is seeking protection, whereas the indemnifier is the one promising to hold harmless.
Clauses are sections of the insurance policy. They define the insurer's responsibilities to the policyholder, circumstances under which claims will and maybe won't be paid out, as well as the policyholder's responsibilities. Sometimes called exclusions, these are designed to help the customer and the company.
Without an indemnity clause, a party may bring a claim for damages resulting from the other party's breach of contract, subject to any liability cap agreed between them on a commercial basis.
For example, A promises to deliver certain goods to B for Rs. 2,000 every month. C comes in and promises to indemnify B's losses if A fails to so deliver the goods. This is how B and C will enter into contractual obligations of indemnity.
Consideration clauses are used to define the total amount due for coverage. They are the terms and conditions that determine how payment is made in exchange for mutual consideration. Some consideration clauses include penalty clauses if one party fails to meet their requirements.
Why do I need an indemnity clause? Indemnity clauses are used to manage the risks associated with a contract, because they enable one party to be protected against the liability arising from the actions of another party.
A limitation of liability clause is a provision in a contract that limits the amount of exposure a company faces in the event a lawsuit is filed or another claim is made. If found to be enforceable, a limitation of liability clause can "cap" the amount of potential damages to which a company is exposed.
