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Showing contexts for: constructive loss in M/S Pawan Hans Limited (Formerly Known ... vs Commissioner Of Trade And Taxes on 19 December, 2024Matching Fragments
3.7 If a helicopter becomes total loss or a constructive total loss, the Lessor shall use its best endeavour to replace at its expense the helicopter with an identical helicopter or a helicopter acceptable to the Charterer within 14 days of the loss failing which the Lessee may terminate this Agreement. All charges payable under this Agreement in respect of the lost Helicopter shall cease after the date of loss until the Lessor replaces it by a fully operational helicopter at the said Base.
13. By virtue of Clause 3.7, the agreement provisioned for a contingency where a helicopter may become a "total loss" or a "constructive total loss" and in which situation, the lessor was to replace the equipment at its expense with an identical helicopter or a helicopter acceptable to the Charterer within 14 days of such loss.
ST.APPL. 1/2023 Page 5 of 51