Define: Wear and tear
Wear and tear means the decrease in value or operational performance of an item due to normal use, time, and insufficient maintenance
Legal accuracy standard set & glossary spot-checked by Imad Mohammed Nazar , Skadden-trained M&A lawyer, Legal Engineer at GenieAI
Wear and tear means the decrease in value or operational performance of an item due to normal use, time, and insufficient maintenance.
Relevant Circumstances
- Asset depreciation over time.
- Accrual of damage during the rental period.
- Physical wear of equipment through standard usage.
Relevant Sectors
- Real Estate
- Vehicle Leasing
- Construction
- Equipment Rental