Damage Liability and Settlement Sample Clauses
The Damage Liability and Settlement clause defines the responsibilities of parties regarding damages that may occur during the course of an agreement and outlines the procedures for resolving such issues. Typically, this clause specifies which party is liable for damages, the process for assessing and reporting those damages, and the steps for negotiating or paying settlements. For example, it may require prompt notification of any damage, documentation of losses, and a timeline for settlement discussions or payments. Its core function is to allocate risk between the parties and provide a clear, structured process for addressing and resolving claims related to damage, thereby minimizing disputes and ensuring efficient resolution.
Damage Liability and Settlement a) Damage settlement is governed by the provisions of Sections 2894 and the following Sections of the Civil Code, The Business Terms and arrangements between the Parties hereunder.
b) The Parties hereby undertake to notify each other about any and all events that they believe may cause damage, and to make every effort to avert potential damage.
c) Both the Market Operator and the Balance Responsible Party are entitled to claim settlement of damage inflicted on it as a result of the other Party’s breach of obligations, even in the event the said breach of obligations is subject to contractual penalty. The harmed Party may claim damage settlement in excess of the contractual penalty.
Damage Liability and Settlement a) Damage settlement is governed by the provisions of Sections 373 to 386 of the Commercial Code and arrangements between the Parties hereunder.
b) The Parties hereby undertake to notify each other about any and all events that they believe may cause damage, and to make every effort to avert potential damage.
c) Both the Market Operator and the Subject of Settlement are entitled to claim settlement of damage inflicted on it as a result of the other Party’s breach of obligations, even in the event the said breach of obligations is subject to contractual penalty. The harmed Party may claim damage settlement in excess of the contractual penalty.
d) The Party affected by circumstances voiding its liability is obligated to notify the other Party in writing forthwith about such circumstances. At the other Party’s request, the Party citing the circumstances voiding liability shall submit to the other Party evidence of the cited circumstances occurring.
e) The Parties are not subject to liability for partial or full breach of obligations under this Agreement in the event this breach has resulted from circumstances voiding liability (the provisions of Sections 352 to 354 of the Commercial Code and the related provisions of the Energy Act).
Damage Liability and Settlement a) Damage settlement is governed by the provisions of Sections 2894 and the following Sections of the Civil Code, The Business Terms and arrangements between the Parties hereunder.
b) The Parties hereby undertake to notify each other about any and all events that they believe may cause damage, and to make every effort to avert potential damage.
c) Both the Market Operator and the Balance Responsible Party are entitled to claim settlement of damage inflicted on it as a result of the other Party’s breach of obligations, even in the event the said breach of obligations is subject to contractual penalty. The harmed Party may claim damage settlement in excess of the contractual penalty.
d) Pursuant to Section 25 (3), letter c) and letter d), and Section 24 (3), letter c) and letter d) of Energy Act, a circumstance voiding liability is not deemed an event whereby imbalance of the Balance Responsible Party has resulted from curtailment or interruption of electricity supply by the distribution or transmission system operator.