How is Cosmetic Flaw defined in a legal contract?
- Cosmetic Flaw means a substantial material defect in the apparent condition of an item that is clearly visible, goes beyond standard tolerances, and influences the overall aesthetics and market value of the item to a significant degree. A flaw deemed minor or hidden is considered inconsequential and falls within construction industry standards and is therefore not treated as a Cosmetic Flaw. These defects must be identified during a walkthrough of the property by the buyer or designated representative and documented on a defect report. The handler/owner is obliged to promptly rectify any such flaws reported on the defect report. Seen in 1 SEC filing.
Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.
Search EDGAR for 'Definitions of cosmetic flaw' yourself to verify these results. We are always keen to point people to source documents.
Which definition should you use?
🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.
Genie Definition 1
- Cosmetic Flaw means a significant, visible material defect influencing an item's aesthetics and market value.
Relevant Contract Types
Relevant Circumstances
- During a property inspection before its purchase or lease.
- Quality assessment during the procurement of goods.
- Service quality evaluation.
Relevant Sectors
Genie Definition 2
- Cosmetic Flaw means minor or hidden defects deemed inconsequential within industry standards.
Relevant Contract Types
Relevant Circumstances
- Quality check of manufactured goods.
- Evaluation of a product's defects for warranty claims.
- Assessment of a service quality.
Relevant Sectors
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Cosmetic Flaw means a significant, visible material defect influencing an item's aesthetics and market value.
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