Common use of Loss Valuation Clause in Contracts

Loss Valuation. Unless otherwise agreed in writing, Renter shall be responsible to Studio for the replacement cost value or repair costs of Studio property, including rented goods, equipment, sets, materials or props (if such property or rented goods can be restored, by repair, to its pre-loss condition) whichever is less. Loss of use shall be determined by the actual loss sustained by Studio. Accrued rental charges shall not be applied against the purchase price or cost of repair of the lost, stolen or damaged equipment. If there is a reason to believe a theft has occurred, Renter shall file a police report.

Loss Valuation. Unless otherwise agreed in writing, Renter shall be responsible to Studio for the replacement cost value or repair costs of Studio property, including rented goods, equipment, sets, materials or props (if such property or rented goods can be restored, by repair, to its pre-loss condition) whichever is less. Loss of use shall be determined by the actual loss sustained by Studio. Accrued rental charges shall not be applied against the purchase price or cost of repair of the lost, stolen or damaged equipment. If there is a reason to believe a theft has occurred, Renter shall be required to file a police report.