Catastrophic Losses Sample Clauses

The Catastrophic Losses clause defines how parties will handle situations involving exceptionally large or unexpected losses that exceed normal risk expectations. Typically, this clause sets thresholds for what constitutes a catastrophic loss and outlines the procedures for notification, allocation of responsibility, and potential limitations on liability or insurance coverage. Its core practical function is to ensure that both parties are prepared for rare but severe events, providing a clear framework for managing extreme risks and preventing disputes over responsibility in such scenarios.
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Catastrophic Losses. Any account representing more than ten percent (10%) of a marketing consultant and sales representative’s annual revenue quota that goes out of business and/or leaves our market will be removed from the marketing consultants or sales representative’s goals. The adjustment to period and corresponding quarterly goal will take effect on the first day of the following period. The ongoing period goal adjustments will continue for twelve (12) months, based upon the previous 12 months account history each period.
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Catastrophic Losses. Any account representing more than 5% of the account manager’s annual revenue quota that goes out of business and/or leaves our market will be removed from the account manager’s goals. The adjust- ment to period and corresponding quarterly goal will take effect on the first day of the following period. The ongoing period goal adjustments will continue for 12 months, based upon the previous 12 months account history each period.
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Catastrophic Losses. Notwithstanding Article 11.2, Client shall be responsible for and shall release, defend, indemnify and hold harmless Excellence Logging Group from and against all losses, including those of Third Parties, arising from or relating to the performance of the Agreement in respect of: (i) Any loss or damage to any property and/or injury to or death of any person arising out of blowout, fire, explosion, cratering, seepage or uncontrolled well or pipeline flow of oil, gas or other substance underground or above the surface of earth or water; (ii) Loss or damage to any well or hole, drilling rig, vessel, pipeline or a section of pipeline, platform or storage facility, production facility or facilities owned, controlled or operated by Client Group, including but not limited to escape of any substance therefrom; (iii) The cost of killing or control of a wild well or pipeline, underground or above the surface of earth or water, including the clean-up of debris therefrom or from an ensuing fire and cost of re-drill; (iv) Any damage or destruction of or loss or impairment of any property right in or to oil, gas or other mineral substance or water whilst still in the reservoir, for any loss or damage to any geological formation or reservoir damage or destruction of or loss of hydrocarbons when extracted or the well bore itself; (v) The use of radioactive sources or any contamination resulting therefrom (including retrieval and/or containment, clean up and/or containment of contamination from naturally occurring radioactive materials; irrespective of cause and notwithstanding the negligence, breach of duty (whether statutory or otherwise), gross negligence, violation of Applicable Laws or any other fault of Excellence Logging Group.
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Catastrophic Losses. Notwithstanding anything herein to the contrary, Contractor Group shall not be liable for and Company shall release, protect, defend, indemnify and hold harmless Contractor Group from and against any and all Losses resulting from: (i) radioactivity at Company’s worksite, (ii) reservoir or underground damage, including, without limitation, loss of oil, gas, other 5 3510625v1 mineral substances, water, and the wellbore, including the costs for any re-drilling, sidetracking, fishing or re-working, (iii) subsurface trespass or any action in the nature thereof, and (iv) fire, explosion, wild well and/or blowout, including, without limitation, the costs of controlling, cleaning and removal of each of the foregoing uncontrolled well conditions; in each case, REGARDLESS OF FAULT.
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Catastrophic Losses. Subject to the terms of Paragraph 4.B. above, ▇▇▇▇ otherwise notwithstanding any other provision of this Contract to the contrary, Petrohawk agrees, to defend, indemnify, and hold harmless Contractor Group from and against any and all claims for personal injury, death, property (whether real or personal, owned or leased) loss and damage resulting from: (i) radioactivity (excluding exposures during transportation to and from the Work site by any member of Contractor Group); (ii) performance of services to control a wild well, including, without limitation, the costs of controlling a wild well; (iii) reservoir or underground damage, including, without limitation, loss of oil, gas, other mineral substances, water, and the well bore; and (iv) subsurface trespass or any action in the nature thereof; except to the extent such injuries, deaths, losses, or damages, are caused by the sole or concurrent negligence or willful misconduct of a member of Contractor Group.
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Catastrophic Losses. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED HEREIN, BUYER ▇▇▇▇▇▇ AGREES TO ASSUME THE ENTIRE RESPONSIBILITY AND LIABILITY FOR, AND AGREES TO RELEASE, DEFEND, INDEMNIFY AND HOLD IOC AND ITS AFFILIATES, AND ITS AND THEIR SUBCONTRACTORS AND ITS AND THEIR EMPLOYEES HARMLESS FROM AND AGAINST CLAIMS, LIABILITIES, AND EXPENSES ARISING FROM: (A) LOSS OR DAMAGE (I) TO ANY GEOLOGICAL FORMATION, STRATA, OR OIL OR GAS RESERVOIR OR MINERALS RESOURCE BENEATH THE SURFACE OF THE LAND OR WATER; (II) FOR THE LOSS OF OR DAMAGE TO ANY HOLE(S) OR WELL(S); AND (III) FOR ANY IMPAIRMENT OF ANY PROPERTY RIGHTS OR OTHER INTERESTS IN OR TO ANY OIL, GAS, OR MINERALS RESOURCES RESULTING FROM BLOWOUT, FIRE, CRATERING, OR ANY OTHER CAUSE; (B) POLLUTION OR CONTAMINATION BELOW THE SURFACE OF THE LAND, SEABED, OR WATER, RESULTING FROM BLOWOUT, FIRE, CRATERING, SEEPAGE, OR ANY OTHER UNCONTROLLED FLOW OF OIL, GAS, OR MINERAL OR ANY OTHER SUBSTANCE; (C) PERSONAL INJURY, DEATH, OR PROPERTY INJURY RESULTING FROM A WILD WELL; COST OF CONTROL OF A WILD WELL, UNDERGROUND OR ABOVE THE SURFACE; AND (D) PERSONAL PROPERTY, DEATH, OR PROPERTY INJURY THAT RESULTS FROM POLLUTION OR CONTAMINATION; REGARDLESS OF WHETHER OR NOT THE CLAIMS, LIABILITIES, OR EXPENSES ARE OCCASIONED BY OR RESULT FROM THE ACTUAL OR ALLEGED NEGLIGENCE, STRICT LIABILITY, BREACH OF WARRANTY, BREACH OF CONTRACT, FAULT, OR OTHER WRONGFUL CONDUCT OF ANY ONE OR MORE OF THE IOC OR ITS SUBCONTRACTORS OR ITS OR THEIR EMPLOYEES, OR ANY OTHER PERSON, OR ENTITY, IN WHOLE OR IN PART, WHETHER SOLE, JOINT, ACTIVE, OR PASSIVE, AND EVEN IF BUYER IS WITHOUT ANY LEGAL FAULT OF ANY KIND CAUSING THE ALLEGED CLAIM, LIABILITY OR EXPENSE. THE OBLIGATIONS HEREUNDER SHALL SURVIVE TERMINATION OF THIS AGREEMENT.
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Related to Catastrophic Losses

  • Catastrophic Leave The County will administer a Catastrophic Leave procedure designed to permit individual donations of annual leave, vacation, healthcare leave (8 hours maximum per fiscal year), compensatory and/or PIP leave time to an employee who is required to be on an extended unpaid leave due to a catastrophic medical condition or other serious circumstances.

  • Catastrophic Leave Program Leave credits, as defined below, may be transferred from one (1) or more employees to another employee, on an hour-for-hour basis, in accordance with departmental policies upon the request of both the receiving employee and the transferring employee and upon approval of the employee's appointing authority, under the following conditions: A. The receiving employee is required to be absent from work due to injury or the prolonged illness of the employee, employee's spouse, registered domestic partner, a domestic partner listed on an “Affidavit for Enrollment of Domestic Partners,” submitted to employee benefits, parent or child, has exhausted all earned leave credits, including but not limited to sick leave, compensatory time, holiday credits and disability leave and is therefore facing financial hardship. B. The transfers must be for a minimum of four (4) hours and in whole hour increments thereafter. C. Transfers shall be allowed to cross-departmental lines in accordance with the policies of the receiving department. D. The total maximum leave credits received by an employee shall normally not exceed five hundred twenty (520) hours; however, if approved by his/her appointing authority, the total leave credits may be up to one thousand forty (1,040) hours. Total leave credits in excess of one thousand forty (1,040) hours will be considered on a case-by-case basis by the appointing authority subject to the approval of the Chief Administrative Officer. E. The transfers are irrevocable, and will be indistinguishable from other leave credits belonging to the receiving employee. Transfers will be subject to all taxes required by law. F. Leave credits that may be transferred under this program are defined as the transferring employee’s vacation credits or up to twenty-four (24) hours of sick leave per fiscal year. G. Transfers shall be administered according to the rules and regulations of the Auditor and Controller, and made on a form prescribed by the Auditor and Controller. Approvals of the receiving and donating employee, the donating employee's appointing authority and the receiving employee's appointing authority (in the case of an interdepartmental transfer) will be provided for on such form. H. This program is not subject to the Grievance Procedure of this Agreement.

  • Catastrophic Leave Bank The City agrees to establish a Catastrophic Leave Bank to assist employees who have exhausted accrued leave time due to a serious or catastrophic illness or injury. The Catastrophic Leave Bank (CLB) will allow the bargaining unit employees to donate time to affected employees within and outside the unit, so that he/she can remain in a paid status for a longer period of time, thus partially ameliorating the financial impact of the illness, injury or condition. This donated time will be placed in a CLB and drawn down from the CLB by the eligible employee. Eligibility To be eligible for this benefit, the receiving employee must: 1) Be a regular full time employee, 2) Have sustained or have an immediate family member who has sustained a life threatening or debilitating illness, injury or condition which may require confirmation by a physician, 3) Have exhausted all accumulated paid leave including vacation, holiday, sick leave, and/or compensatory time off, 4) Be unable to return to work for at least 30 days or in the case of the condition affecting the immediate family member, that member must be in need of prolonged and significant personal care; and 5) Conformed with the requirements of the Family Medical Leave Act and/or Worker's Compensation.

  • Consequential Losses Except as otherwise specifically provided herein, neither Party shall be liable to the other Party for any indirect, incidental or consequential loss or damages irrespective of the causes, thereof including fault or negligence.

  • Compensation for Damage or Loss 1. When investments made by investors of either Contracting Party suffer loss or damage owing to war or other armed conflict which is not a result of the activities of the Contracting Party to which the investors belong, civil disturbances, revolution, riot or similar events in the territory of the latter Contracting Party, they shall be accorded by the latter Contracting Party, treatment, as regards restitution, indemnification, compensation or any other settlement, not less favourable than that that the latter Contracting Party accords to its own investors or to investors of any third State, whichever is most favourable to the investors concerned. 2. Without prejudice to paragraph 1 of this Article, investors of one Contracting Party who in any of the events referred to in that paragraph suffer damage or loss in the territory of the other Contracting Party resulting from: a) requisitioning of their property or part thereof by its forces or authorities; b) destruction of their property or part thereof by its forces or authorities which was not caused in combat action or was not required by the necessity of the situation, shall be accorded a prompt restitution, and where applicable prompt, adequate and effective compensation for damage or loss sustained during the period of requisitioning or as a result of destruction of their property. Resulting payments shall be made in freely convertible currency without delay. 3. Investor whose investments suffer damage or loss in accordance to paragraph 2. of this Article, shall have the right to prompt review of its case by a judicial or other competent authority of that Contracting Party and of valuation of its investments and payment of compensation in accordance with the principles set out in paragraph 2. of this Article.