Agreed Damage Amount
The Agreed Damage Amount for all items of the Customer’s Connected Equipment shall be the lesser of the amount determined under clause (a) or (b) below, reduced by any amounts described in clause (c) below.
a)The fair market value of the equipment shall be the current value of the equipment specified in the most recent edition of Orion Blue Book (by Orion Research Corporation, Roger Rohrs Publisher) or a valuation as determined by Philips in its reasonable discretion.
b)The following aggregate ceiling (maximum) amount for all Connected Equipment: Model SPP4200: $500,000
Model SPP4210: $750,000
Model SPP4220: $1,000,000
c)The amount(s) of all payments the Customer received or is entitled to receive from its insurance or from other sources or persons for the Connected Equipment or damage to such equipment so that Philips’ maximum liability shall be reduced to reflect all such other payments or sources of recovery.
If Philips replaces the Connected Equipment, or pays to the Customer the Agreed Damage Amount, the Customer shall transfer such item(s) to Philips without warranty by the Customer, but free of lien or any other interest.
LIMITATIONS: THESE WARRANTIES DO NOT COVER
The protection of the Limited Product Warranty and the Connected Equipment Warranty, or any applicable implied warranty, does not apply to any product used for commercial, institutional or industrial applications, any product that has had the battery replaced by the Customer, or to any product that has been damaged due to misuse, neglect, alteration, mishandling, accident, improper installation or unauthorized repair.
These warranties do not cover damage to Connected Equipment or apply if the Product has been operated in a failure mode, or not in compliance with the operating instructions; or if the Connected Equipment has been operated in a failure mode or not operated in compliance with the instructions and manuals of its manufacturer/vendor.
The Connected Equipment Warranty covers only damage within the specific terms of this document to Connected Equipment; and only to the ceiling amount as described in the “Agreed Damage Amount” section of this document.
