Common use of Risk of Loss Before Project Substantial Completion Clause in Contracts

Risk of Loss Before Project Substantial Completion. Until the Project Substantial Completion Date, except to the extent otherwise provided herein upon the earlier termination of this Agreement as provided in Article 25, Seller assumes risk of loss and, without limitation of its right to make claims for relief pursuant to Section 9.2, responsibility for the cost of replacing or repairing any damage to the Work, the Project, or any portion thereof, including Project Hardware. Despite the passage of title, as set forth in Section 14.1, Seller shall bear risk of loss of; have the care, custody, and control of; and bear the responsibility of preserving, safeguarding, and maintaining any and all materials, equipment, spare parts, supplies, and other items of personal property provided by Seller as part of the Work, whether located at or away from the Project, or any other Work completed with respect to the Project until Project Substantial Completion. Any such materials, equipment, spare parts, supplies, and other items of personal property that are lost, damaged, stolen, or impaired before Project Substantial Completion shall be replaced promptly by Seller at its own expense, subject to any rights hereunder with regard to Excusable Event. Seller shall be responsible for payment of builder’s all-risk insurance policy deductible.