Common use of LOSS OR DAMAGE OF THE GOODS Clause in Contracts

LOSS OR DAMAGE OF THE GOODS. (1) Where the Goods are lost, stolen, confiscated, destroyed or damaged by the negligence or wrongful act of a third party the Lessee shall immediately notify the Lessor thereof and shall not compromise any claim without the prior written consent of the Lessor and shall allow the Lessor to take over the conduct of any negotiations (except in relation to claims of the Lessee for personal injuries loss of use of the Goods or loss of or damage to the property of Lessee unconnected with the Goods) with insurers or other parties and shall at the Lessee’s own expense take such proceedings in the Lessee’s sole name or jointly with the Lessor as the Lessor shall direct, holding all sums recovered (together with any moneys received by the Lessee under any policy or policies of insurance taken out by the Lessee pursuant to the provisions of this Agreement) on trust for the Lessor and paying or applying as the Lessor directs the whole or such part thereof as is necessary to discharge the Lessee’s liability to the Lessor hereunder at the date of such payment and to compensate the Lessor for the loss theft or destruction of or damage to the Goods any surplus being retainable by the Lessee for his own benefit. The perpetuity period of the trust hereof is 80 years. (2) The Lessor shall deal with any proceeds of insurance and other moneys recovered from the third parties as provided in Clauses 10(6) and (7). Upon such payments, subject to any rights of the insurers therein, the title in the Goods shall vest in the Lessee. (3) Subject as aforesaid, the loss, theft or destruction of, or damage to the Goods shall not discharge this Agreement or affect the Lessee’s liability for payment of any sums payable hereunder. (4) During the continuance of this Agreement, the Lessee shall indemnify and keep the Lessor effectually indemnified against loss, theft, confiscation or destruction of or damage to the Goods from whatever cause (whether or not such loss or damage results from the Lessee’s negligence or the negligence of any other person whether having use or control or possession of the Goods or not) and if the Goods are a complete loss or so damaged as in the reasonable opinion of the Lessor to be unworthy of repair, the Lessee shall (regardless of whether or not any moneys are payable under any insurance policy) pay within seven (7) days of such loss or damage an amount equal to the amount which would have been payable if this Agreement had been terminated by the Lessee when the Goods were so lost etc. and this Agreement shall terminate upon such payment being made but without prejudice to any claims then existing.

LOSS OR DAMAGE OF THE GOODS. (1) Where the Goods are lost, stolen, confiscated, lost stolen confiscated destroyed or damaged by the negligence or wrongful act of a third party the Lessee Hirer shall immediately notify the Lessor Owner thereof and shall not compromise any claim without the prior written consent of the Lessor Owner and shall allow the Lessor Owner to take over the conduct of any negotiations (except in relation to claims of the Lessee Hirer for personal injuries loss of use of the Goods or loss of or damage to the property of Lessee Hirer unconnected with the Goods) with insurers or other parties and shall at the LesseeHirer’s own expense take such proceedings in the LesseeHirer’s sole name or jointly with the Lessor Owner as the Lessor Owner shall direct, holding all sums recovered (together with any moneys received by the Lessee Hirer under any policy or policies of insurance taken out by the Lessee Hirer pursuant to the provisions of this Agreement) on trust for the Lessor Owner and paying or applying as the Lessor Owner directs the whole or such part thereof as is necessary to discharge the LesseeHirer’s liability to the Lessor Owner hereunder at the date of such payment and to compensate the Lessor Owner for the loss theft or destruction of or damage to the Goods any surplus being retainable by the Lessee Hirer for his own benefit. The perpetuity period of the trust hereof is 80 years. (2) The Lessor Owner shall deal with any proceeds of insurance and other moneys recovered from the third parties as provided in Clauses 10(6) and (7). Upon such payments, this Agreement shall immediately come to an end and subject to any rights of the insurers therein, Owners therein the title in of the Goods shall vest in the LesseeHirer. (3) Subject as aforesaid, the loss, theft or destruction of, or damage to the Goods shall not discharge this Agreement or affect the LesseeHirer’s liability for payment of any sums payable hereunder. (4) During the continuance of this Agreement, the Lessee Hirer shall indemnify and keep the Lessor Owner effectually indemnified against loss, theft, confiscation or destruction of or damage to the Goods from whatever cause (whether or not such loss or damage results from the LesseeHirer’s negligence or the negligence of any other person whether having use or control or possession of the Goods or not) and if the Goods are a complete loss or so damaged as in the reasonable opinion of the Lessor Owner to be unworthy of repair, the Lessee Hirer shall (regardless of whether or not any moneys are payable under any insurance policy) pay within seven (7) days of such loss or damage an amount equal to the amount which would have been payable if this Agreement had been terminated by the Lessee Hirer when the Goods were so lost etc. and this Agreement shall terminate upon such payment being made but without prejudice to any claims then existing.

LOSS OR DAMAGE OF THE GOODS. (1) Where the Goods are lost, stolen, confiscated, destroyed or damaged by the negligence or wrongful act of a third party the Lessee shall immediately notify the Lessor thereof and shall not compromise any claim without the prior written consent of the Lessor and shall allow the Lessor to take over the conduct of any negotiations (except in relation to claims of the Lessee for personal injuries loss of use of the Goods or loss of or damage to the property of Lessee unconnected with the Goods) with insurers or other parties and shall at the Lessee’s LesseeÊs own expense take such proceedings in the Lessee’s LesseeÊs sole name or jointly with the Lessor as the Lessor shall direct, holding all sums recovered (together with any moneys received by the Lessee under any policy or policies of insurance taken out by the Lessee pursuant to the provisions of this Agreement) on trust for the Lessor and paying or applying as the Lessor directs the whole or such part thereof as is necessary to discharge the Lessee’s LesseeÊs liability to the Lessor hereunder at the date of such payment and to compensate the Lessor for the loss theft or destruction of or damage to the Goods any surplus being retainable by the Lessee for his own benefit. The perpetuity period of the trust hereof is 80 years. (2) The Lessor shall deal with any proceeds of insurance and other moneys recovered from the third parties as provided in Clauses 10(6) and (7). Upon such payments, subject to any rights of the insurers therein, the title in the Goods shall vest in the Lessee. (3) Subject as aforesaid, the loss, theft or destruction of, or damage to the Goods shall not discharge this Agreement or affect the Lessee’s LesseeÊs liability for payment of any sums payable hereunder. (4) During the continuance of this Agreement, the Lessee shall indemnify and keep the Lessor effectually indemnified against loss, theft, confiscation or destruction of or damage to the Goods from whatever cause (whether or not such loss or damage results from the Lessee’s LesseeÊs negligence or the negligence of any other person whether having use or control or possession of the Goods or not) and if the Goods are a complete loss or so damaged as in the reasonable opinion of the Lessor to be unworthy of repair, the Lessee shall (regardless of whether or not any moneys are payable under any insurance policy) pay within seven (7) days of such loss or damage an amount equal to the amount which would have been payable if this Agreement had been terminated by the Lessee when the Goods were so lost etc. and this Agreement shall terminate upon such payment being made but without prejudice to any claims then existing.

LOSS OR DAMAGE OF THE GOODS. (1) Where the Goods are lost, stolen, confiscated, lost stolen confiscated destroyed or damaged by the negligence or wrongful act of a third party the Lessee Hirer shall immediately notify the Lessor Owner thereof and shall not compromise any claim without the prior written consent of the Lessor Owner and shall allow the Lessor Owner to take over the conduct of any negotiations (except in relation to claims of the Lessee Hirer for personal injuries loss of use of the Goods or loss of or damage to the property of Lessee Xxxxx unconnected with the Goods) with insurers or other parties and shall at the LesseeHirer’s own expense take such proceedings in the LesseeHirer’s sole name or jointly with the Lessor Owner as the Lessor Owner shall direct, holding all sums recovered (together with any moneys received by the Lessee Hirer under any policy or policies of insurance taken out by the Lessee Hirer pursuant to the provisions of this Agreement) on trust for the Lessor Owner and paying or applying as the Lessor Owner directs the whole or such part thereof as is necessary to discharge the LesseeHirer’s liability to the Lessor Owner hereunder at the date of such payment and to compensate the Lessor Owner for the loss theft or destruction of or damage to the Goods any surplus being retainable by the Lessee Hirer for his own benefit. The perpetuity period of the trust hereof is 80 years. (2) The Lessor Owner shall deal with any proceeds of insurance and other moneys recovered from the third parties as provided in Clauses 10(6) and (7). Upon such payments, this Agreement shall immediately come to an end and subject to any rights of the insurers therein, Owners therein the title in of the Goods shall vest in the LesseeHirer. (3) Subject as aforesaid, the loss, theft or destruction of, or damage to the Goods shall not discharge this Agreement or affect the LesseeHirer’s liability for payment of any sums payable hereunder. (4) During the continuance of this Agreement, the Lessee Hirer shall indemnify and keep the Lessor Owner effectually indemnified against loss, theft, confiscation or destruction of or damage to the Goods from whatever cause (whether or not such loss or damage results from the LesseeHirer’s negligence or the negligence of any other person whether having use or control or possession of the Goods or not) and if the Goods are a complete loss or so damaged as in the reasonable opinion of the Lessor Owner to be unworthy of repair, the Lessee Hirer shall (regardless of whether or not any moneys are payable under any insurance policy) pay within seven (7) days of such loss or damage an amount equal to the amount which would have been payable if this Agreement had been terminated by the Lessee Hirer when the Goods were so lost etc. and this Agreement shall terminate upon such payment being made but without prejudice to any claims then existing.

LOSS OR DAMAGE OF THE GOODS. (1) Where the Goods are lost, stolen, confiscated, lost stolen confiscated destroyed or damaged by the negligence or wrongful act of a third party the Lessee Hirer shall immediately notify the Lessor Owner thereof and shall not compromise any claim without the prior written consent of the Lessor Owner and shall allow the Lessor Owner to take over the conduct of any negotiations (except in relation to claims of the Lessee Hirer for personal injuries loss of use of the Goods or loss of or damage to the property of Lessee Hirer unconnected with the Goods) with insurers or other parties and shall at the Lessee’s HirerÊs own expense take such proceedings in the Lessee’s HirerÊs sole name or jointly with the Lessor Owner as the Lessor Owner shall direct, holding all sums recovered (together with any moneys received by the Lessee Hirer under any policy or policies of insurance taken out by the Lessee Hirer pursuant to the provisions of this Agreement) on trust for the Lessor Owner and paying or applying as the Lessor Owner directs the whole or such part thereof as is necessary to discharge the Lessee’s HirerÊs liability to the Lessor Owner hereunder at the date of such payment and to compensate the Lessor Owner for the loss theft or destruction of or damage to the Goods any surplus being retainable by the Lessee Hirer for his own benefit. The perpetuity period of the trust hereof is 80 years. (2) The Lessor Owner shall deal with any proceeds of insurance and other moneys recovered from the third parties as provided in Clauses 10(6) and (7). Upon such payments, this Agreement shall immediately come to an end and subject to any rights of the insurers therein, Owners therein the title in of the Goods shall vest in the LesseeHirer. (3) Subject as aforesaid, the loss, theft or destruction of, or damage to the Goods shall not discharge this Agreement or affect the Lessee’s HirerÊs liability for payment of any sums payable hereunder. (4) During the continuance of this Agreement, the Lessee Hirer shall indemnify and keep the Lessor Owner effectually indemnified against loss, theft, confiscation or destruction of or damage to the Goods from whatever cause (whether or not such loss or damage results from the Lessee’s HirerÊs negligence or the negligence of any other person whether having use or control or possession of the Goods or not) and if the Goods are a complete loss or so damaged as in the reasonable opinion of the Lessor Owner to be unworthy of repair, the Lessee Hirer shall (regardless of whether or not any moneys are payable under any insurance policy) pay within seven (7) days of such loss or damage an amount equal to the amount which would have been payable if this Agreement had been terminated by the Lessee Hirer when the Goods were so lost etc. and this Agreement shall terminate upon such payment being made but without prejudice to any claims then existing.