Common use of MATERIAL DAMAGE OR LOSS Clause in Contracts

MATERIAL DAMAGE OR LOSS. Promptly after the occurrence of any damage to or loss at the Facility that materially affects the continued operation of the Facility; CONTRACTOR shall notify the Bureau of such loss or damage. The Bureau and CONTRACTOR shall jointly assess the nature and extent of such damage or loss and, as soon as practicable thereafter, determine whether it is practicable and desirable to rebuild, repair, or restore such damage or loss. If the Bureau and CONTRACTOR determine that such rebuilding, repairing, or restoring is practicable and desirable, CONTRACTOR shall forthwith proceed with such rebuilding, repair, or restoration. All costs associated with the rebuilding, repair, and/or restoration shall be reasonable, allowable, allocable, and documented. Competition (two or more responses) usually establishes price reasonableness. Upon the completion thereof, such rebuilding, repair or restoration shall thereupon become part of the Facility. In such case, any insurance proceeds received in respect to such damage or loss shall be used for payment of, or reimbursement for, the costs of such rebuilding, repairing or restoring. Insurance records, including proceeds and deductibles, shall be provided to the On- Site Contract Monitor upon request. In the event such insurance proceeds are not sufficient to pay in full the costs of such repair, rebuilding or restoration, CONTRACTOR is responsible for payment due in excess of insurance proceeds received. If the Bureau and CONTRACTOR determine, in writing, that repairing, rebuilding or restoration is not feasible or practical, and further agree, in writing, not to rebuild, repair or restore the Facility, then this Contract shall terminate with respect to such Facility thirty (30) days after such determination.

MATERIAL DAMAGE OR LOSS. Promptly after the occurrence of any damage to or loss at the Facility that materially affects the continued operation of the Facility; CONTRACTOR shall notify the Bureau Department of such loss or damage. The Bureau Department and CONTRACTOR shall jointly assess the nature and extent of such damage or loss and, as soon as practicable thereafter, determine whether it is practicable and desirable to rebuild, repair, repair or restore such damage or loss. If the Bureau Department and CONTRACTOR determine that such rebuilding, repairing, repairing or restoring is practicable and desirable, CONTRACTOR shall forthwith proceed with such rebuilding, repair, repair or restoration. All costs associated with the rebuilding, repair, and/or restoration shall be reasonable, allowable, allocable, and documented. Competition (two or more responses) usually establishes price reasonableness. Upon the completion thereof, such rebuilding, repair or restoration shall thereupon become part of the Facility. In such case, any insurance proceeds received in respect to such damage or loss shall be used for payment of, or reimbursement for, the costs of such rebuilding, repairing or restoring. Insurance records, including proceeds and deductibles, shall be provided to the On- On-Site Contract Monitor upon request. In the event such insurance proceeds are not sufficient to pay in full the costs of such repair, rebuilding or restoration, CONTRACTOR is responsible for payment payments due in excess of insurance proceeds received. If the Bureau Department and CONTRACTOR determine, in writing, that repairing, rebuilding or restoration is not feasible or practical, and further agree, in writing, not to rebuild, repair or restore the Facility, then this Contract shall automatically terminate with respect to such Facility thirty (30) days after the date of such determinationwritten agreement.