Common use of Responsibility for the Lot Clause in Contracts

Responsibility for the Lot. 8.2.1 unless otherwise agreed in writing between you and us, we accept responsibility to you, on the basis set out in paragraph 8.2.2, for any damage to or loss or destruction of the Lot (other than a Lot which is a motor vehicle) whilst the Lot is in our custody (whether or not caused by our negligence but excluding damage, loss or destruction that is caused directly or indirectly by Terrorism) (the “Loss and Damage Warranty”) and you agree to pay us the Loss and Damage Warranty Fee described in paragraph 8.2.3 in consideration for us accepting such responsibility; 8.2.2 without prejudice to your statutory rights:- 8.2.2.1 our sole obligation to you under the Loss and Damage Warranty will be to pay you for any such damage, loss or destruction as referred to in paragraph 8.2.1 up to an aggregate amount, in the case of total loss, equal to:- (a) until the Lot is sold, a sum equal to the mid estimate with no deductions for commission or any other charges; or