Common use of Obligation to mitigate/betterment Clause in Contracts

Obligation to mitigate/betterment. (a) Each party to this Agreement must take reasonable steps to mitigate that party's losses, damages, liabilities, costs and expenses, and a party's entitlement to recover losses, damages, liabilities, costs and expenses will be determined on the basis that the party should have observed the obligation to mitigate. (b) Where a party restores or repairs a damaged asset and that repair or restoration results in improved functionality of an asset, such improved functionality shall not be regarded as a betterment and no reduction or adjustment of the costs of repair or restoration shall be made on that account.

Appears in 2 contracts

Samples: Track Access Agreement, Track Access Agreement

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Obligation to mitigate/betterment. (a) Each party to this Agreement must take reasonable steps to mitigate that party's ’s losses, damagesdamage, liabilities, costs and expenses, and a party's ’s entitlement to recover losses, damages, liabilities, costs and expenses will be determined on the basis that the party should have observed the obligation to mitigate. (b) Where a party restores or repairs a damaged asset and that repair or restoration results in improved functionality of an asset, such improved functionality shall not be regarded as a betterment and no reduction or adjustment of the costs of repair or restoration shall be made on that account.

Appears in 1 contract

Samples: Access Agreement

Obligation to mitigate/betterment. (a) Each party to this Agreement must take reasonable steps to mitigate that party's ’s losses, damagesdamage, liabilities, costs and expenses, and a party's ’s entitlement to recover losses, damages, liabilities, costs and expenses will be determined on the basis that the party should have observed the obligation to mitigate. (b) Where a party restores or repairs a damaged asset and that repair or restoration results in improved functionality of an asset, such improved functionality shall not be regarded as a betterment and no reduction or adjustment of the costs of repair or restoration shall be made on that account.

Appears in 1 contract

Samples: Access Agreement

Obligation to mitigate/betterment. (a) Each party to this Agreement must will take reasonable steps to mitigate that party's losses, damages, liabilities, costs and expenses, and a party's entitlement to recover losses, damages, liabilities, costs and expenses will be determined on the basis that the party should have observed the obligation to mitigate. (b) Where a party restores or repairs a damaged asset and that repair or restoration results in improved functionality of an asset, such improved functionality shall will not be regarded as a betterment and no reduction or adjustment of the costs of repair or restoration shall will be made on that account.

Appears in 1 contract

Samples: Track Access Agreement

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Obligation to mitigate/betterment. (a) Each party to this Agreement must take reasonable steps to mitigate that party's losses, damages, liabilities, costs and expenses, and a party's entitlement to recover losses, damages, liabilities, costs and expenses will be determined on the basis that the party should have observed the obligation to mitigate. (b) Where a party restores or repairs a damaged asset and that repair or restoration results in improved functionality of an asset, such improved functionality shall not be regarded as a betterment and no reduction or adjustment of the costs of repair or restoration shall be made on that account.

Appears in 1 contract

Samples: Track Access Agreement

Obligation to mitigate/betterment. (a) Each party to this Agreement must will take reasonable steps to mitigate that party's losses, damages, liabilities, costs and expenses, and a party's entitlement to recover losses, damages, liabilities, costs and expenses will be determined on the basis that the party part should have observed the obligation to mitigate. (b) Where a party restores or repairs a damaged asset and that repair or restoration results in improved functionality of an asset, such improved functionality shall will not be regarded as a betterment and no reduction or adjustment of the costs of repair or restoration shall will be made on that account.

Appears in 1 contract

Samples: Operator Sub Agreement

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