Common use of Buyout Clause in Contracts

Buyout. We may elect, at Our option, to buyout the Contract during the coverage term for the lesser of (I) current market value of the product with equivalent specifications or (II) retail price paid for Your product minus sales tax and claims paid. When determining the current market value of a Product of equivalent specifications a fair analysis is completed using current manufacturers’ and distributors’ pricing on comparable products. All contractual obligations are considered fulfilled upon buyout of the product.

Buyout. We may elect, at Our option, to buyout the this Service Contract during the coverage term for the lesser of of: (I) current market value of the a product with equivalent specifications specifications; or (II) retail original purchase price paid by You for Your product covered product; minus any sales tax and claims paid. When determining the current market value of a Product of product with equivalent specifications specifications, a fair analysis is completed using current manufacturers’ and distributors’ pricing on comparable products. All contractual obligations are considered fulfilled upon buyout of the Your originally covered product.