Common use of Responsibility for Loss Clause in Contracts

Responsibility for Loss. During the Rental Period, Customer assumes full responsibility for the Equipment and all risk of loss with respect to the Equipment. During the Rental Period, if the Equipment is lost, stolen, destroyed, or damaged to an extent that Company determines, in its sole discretion, that it is not practical to repair the Equipment, Company will invoice Customer for the full cost of new replacement Equipment, and Customer will pay Company the invoiced amount within 30 days after the date of the invoice. Customer will continue to pay Company the applicable rental rate on any Equipment that is lost, stolen, destroyed, or damaged until Customer pays Company the amount due under this Section 12.

Responsibility for Loss. During the Rental Period, Customer assumes full responsibility for the Equipment and all risk of loss with respect to the Equipment. During the Rental Period, if the Equipment is lost, stolen, destroyed, or damaged to an extent that Company determines, in its sole discretion, that it is not practical to repair the Equipment, Company will invoice Customer for the full cost of new replacement Equipment, and Customer will pay Company the invoiced amount within 30 days after the date of the invoice. Customer will continue to pay Company the applicable rental rate on any Equipment that is lost, stolen, destroyed, or damaged until Customer pays Company the amount due under this Section 1211.