Define: Material Damage

How is Material Damage defined in a legal contract?

• Material Damage means damage that, as evaluated by the seller, exceeds a certain amount of cost to repair or which, in the seller's evaluation, will take longer than a certain number of days to repair. Seen in 21 SEC filings
• Material Damage means damage resulting in the property not complying with all legal requirements, reasonably exceeding a certain amount of reparation cost, or that entitles any tenant of the property to terminate its lease, or which, in the buyer's or seller's reasonable estimation, will take longer than a certain number of days to repair. Seen in 14 SEC filings
• Material Damage means damage which, in the estimation of contributing parties based on a third-party report, exceeds a certain amount of cost to repair. Seen in 11 SEC filings

• Material Damage means, concerning the protection of the ecological balance, degradation. Seen in 6 SEC filings
• Material Damage means damage costing, in the seller's judgement, a significant amount to repair. If the buyer does not terminate the agreement in the case of Material Damage, the seller shall assign the right to recover under any insurance policies covering such damage to the buyer. Seen in 6 SEC filings

‍

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

• Material Damage means damage exceeding a certain cost to repair, or requiring an extensive repair period, based on reasonable estimation.

Relevant Contract Types

• Real Estate Purchase Agreement
• Lease Agreement
• Insurance Policy
• Construction Agreement

Relevant Circumstances

• Property purchase transactions
• Entering a new lease agreement
• Filing insurance claims due to property damage
• Commencing a new construction project

Relevant Sectors

• Real Estate
• Construction
• Insurance

‍

Genie Definition 2

• Material Damage means damage resulting in non-compliance with legal requirements, disrupting tenant lease agreements or incurring significant repair costs.

Relevant Contract Types

• Lease Agreement
• Property Management Agreement

Relevant Circumstances

• Assessing potential implications of damage on a leased property
• Evaluating the impact of property damage on management agreements

Relevant Sectors

• Real Estate
• Facility Management

‍

Genie Definition 3

• Material Damage means damage leading to negative ecological or environmental impacts.

Relevant Contract Types

• Environmental Impact Assessment Agreement

Relevant Circumstances

• Evaluating the impact of business operations on the environment
• Negotiating terms within an environmental impact assessment agreement

Relevant Sectors

• Environment and Energy

‍