LOSS OR EXPENSE Sample Clauses
The "Loss or Expense" clause defines the circumstances under which a party may claim additional costs or compensation due to unforeseen events or delays not caused by their own actions. Typically, this clause outlines the process for notifying the other party of such losses, the types of expenses that can be claimed (such as labor, materials, or overhead), and any documentation required to substantiate the claim. Its core function is to allocate financial risk fairly between parties by providing a mechanism for recovering extra costs incurred due to events outside the claimant's control.
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LOSS OR EXPENSE. If the Landlord suffers or incurs any damage, loss or expense or is obliged to make payment for which the Tenant is liable hereunder by reason of the failure of the Tenant to observe and comply with any of the terms of this lease including solicitors fees where it shall be necessary for the Landlord to obtain the services of a solicitor for the purposes of collecting rent in arrears or enforcing the performance of any of the terms of this agreement then the Landlord shall have the right to add the cost or amount of any such damage, loss, expense or payment to the rental, any such amount shall immediately become due and payable and any such amount or cost, that is unpaid, shall bear interest at the rate of twentyfour (24) percent per annum. The Landlord shall have the right to pursue the Tenant to collect sums for the rental lease, or to defend the terms of this agreement and be entitled to its costs on a solicitor and client full indemnity basis.