Salvage Sale Sample Clauses

Salvage Sale. If following damage giving rise to a claim under this section, you hold a salvage sale during the indemnity period, the reduction in turnover item of the Gross Profit/ Estimated Gross Profit Clause will for the purpose of such claim read as follows: ‘In respect of reduction in turnover: the sum produced by applying the rate of gross profit to the amount by which the turnover during the indemnity period (less the turnover for the period of the sale) in consequence of the damage falls short of the standard turnover from which will be deducted the gross profit actually earned during the period of the salvage sale.’
Sample 1
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Salvage Sale. If, following Damage giving rise to a claim under this section, the participant shall hold a salvage sale during the Indemnity Period, the indemnity payable due to Reduction in Turnover in items 1., and 4. under “Basis of Loss Settlement” shall, for the purpose of such a claim, read as follows: The sum produced by applying the Rate of Gross Profit / Rate of Standing Charges to the amount by which the Turnover, during the Indemnity Period (less the turnover for the period of the salvage sale) shall in consequence of Damage, fall short of the Standard Turnover, from which sum shall be deducted the Gross Profit/ contribution to Standing Charges actually earned from the proceeds of the salvage sale.
Sample 1

Related to Salvage Sale

  • Recovered Property If you or we recover any property for which we have made payment under this policy, you or we will notify the other of the recovery. At your option, the property will be returned to or retained by you or it will become our property. If the recovered property is returned to or retained by you, the loss payment will be adjusted based on the amount you received for the recovered property.

  • Damage or Loss of Equipment 2.2.1. All devices are covered by a manufacturer’s warranty. The warranty covers manufacturer’s defects and normal use of the device. It does not cover negligence, abuse or malicious damage.

  • Marketing the Property In an effort to properly and efficiently market the Property, the Seller grants the following permissions to the Agency: (Initial ALL That Apply) - Advertise the Property. - To use the Property’s street address when advertising the Property. - Allow third (3rd) party websites to create estimated market values of the Property. - Allow the Agency to disclose the existence of other offers on the Property. - Publish any and all Property information electronically or in print. This includes, but is not limited to, the Multiple Listing Service (MLS), real estate websites, newspapers, etc. - Place a lockbox or key box on the Property. The Seller shall hold harmless the Agency and all cooperating licensees from all responsibility and liability resulting from any loss, damage, or theft which might occur while the Property is listed by the Agency under this Agreement. - Authorize a “For Sale” Sign on the Property.

  • Cooperation in Loss Recovery Efforts In the event of any damages for which Bank or Customer may be liable to each other or to a third party pursuant to the services provided under this Agreement, Bank and Customer will undertake reasonable efforts to cooperate with each other, as permitted by applicable law, in performing loss recovery efforts and in connection with any actions that the relevant party may be obligated to defend or elects to pursue against a third party.

  • INCOME FROM IMMOVABLE PROPERTY 1. Income derived by a resident of a Contracting State from immovable property (including income from agriculture or forestry) situated in the other Contracting State may be taxed in that other State.

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