This Property Damage Waiver is essential for situations where parties need to establish clear agreements regarding the waiver of liability for property damage in Malaysia. It is commonly used in rental agreements, construction projects, facility management contracts, and property development scenarios. The document addresses the requirements of Malaysian contract law and property legislation, incorporating necessary elements for legal validity under local jurisdiction. It typically includes detailed property descriptions, pre-existing condition assessments, specific exclusions, and clear definitions of waived liabilities. This type of agreement is particularly important in commercial relationships where property use or access by multiple parties creates potential liability issues.
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1. Parties: Identification and details of all parties involved in the waiver agreement
2. Background: Context of the agreement, relationship between parties, and purpose of the waiver
3. Definitions: Detailed definitions of key terms used throughout the agreement, including 'Property', 'Damage', 'Waiver Period'
4. Scope of Waiver: Specific details of what damages and liabilities are being waived
5. Duration: Period for which the waiver remains valid
6. Representations and Warranties: Statements of fact by both parties regarding their authority and the property's condition
7. Limitations and Exceptions: Specific circumstances where the waiver does not apply
8. Indemnification: Provisions for indemnifying the released party against future claims
9. Governing Law: Specification of Malaysian law as governing law and jurisdiction
10. Execution: Signature blocks and execution requirements
1. Insurance Requirements: Details of required insurance coverage, used when specific insurance must be maintained
2. Multiple Properties Clause: Used when the waiver covers multiple properties or locations
3. Third Party Rights: Include when the waiver needs to extend to or affect third parties
4. Dispute Resolution: Detailed dispute resolution procedures, recommended for high-value properties
5. Severability: Clause ensuring remaining provisions stay valid if some are found unenforceable
6. Force Majeure: Include when certain natural or unavoidable catastrophes should be explicitly addressed
1. Schedule 1: Property Description: Detailed description of the property covered by the waiver, including address, boundaries, and specific features
2. Schedule 2: Pre-existing Damage Report: Documentation of any existing damage or wear and tear at the time of agreement
3. Schedule 3: Excluded Items: List of specific items or areas excluded from the waiver
4. Appendix A: Damage Assessment Procedure: Agreed procedure for assessing and documenting any damage
5. Appendix B: Required Insurance Certificates: Copies of relevant insurance certificates and coverage details
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