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An extended warranty is coverage for electrical or mechanical breakdown. It may or may not cover peripheral items, wear and tear, damage by computer viruses, re-gassing, normal maintenance, accidental damage, or any consequential loss. [ 2] Most state insurance regulators have approved the inclusion of normal wear and tear, accidental damage ...
Contract law. In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in a number of contract ...
Building information model of a mechanical room developed from lidar data. Building information modeling ( BIM) is a process involving the generation and management of digital representations of the physical and functional characteristics of buildings and other physical assets. BIM is supported by various tools, technologies and contracts.
The decennial warranty is a legal liability assumed by builders for all defects that compromise the integrity of their structures or that cause them to become unsuited for their intended purposes. This responsibility is mandated by Article 1792 et seq. of the Civil Code. It is imposed on builders for ten years from the acceptance date of the ...
In the insurance industry, "replacement cost" or " replacement cost value " is one of several methods of determining the value of an insured item. Replacement cost is the actual cost to replace an item or structure at its pre-loss condition. This may not be the "market value" of the item, and is typically distinguished from the "actual cash ...
Warranty. In law, a warranty is an expressed or implied promise or assurance of some kind. The term's meaning varies across legal subjects. [1] In property law, it refers to a covenant by the grantor of a deed. [2] In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured.
Understanding the claim denial letter and why an auto insurance company decided not to make a payout is the first step in determining the validity of a denied car insurance claim. Most instances ...
Performance bond. A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin .