Definitions for "Wear and Tear"
A segment of the lease contract describing the standards which will determine any additional charges at lease end. Except for reasonable wear and tear the vehicle will be returned in good condition with all original accessories and options in working order. The odometer must reflect actual mileage, there will be an adjustment made to the value of the vehicle if the odometer is not working or has been tampered with. The vehicle will have a matching set of tires ( matching in terms of strip, brand, size and manufacturer ) with at least 1/8" remaining tread across the entire tire. All electrical items must be in working order. Body damage requiring refinishing/repairing, any chipped or broken glass must be replaced, torn or stained interior or any damage resulting from the removal of a cellular phone, radar detector or other similar devices must be repaired.
The gradual deterioration of an asset which results naturally from use and/or age.
The deterioration or loss in value caused by the tenant?s normal and reasonable use. In many leases, the tenant is not responsible for ?normal wear and tear?. See also NORMAL WEAR AND TEAR.
Physical decline in a property's value caused from use, old age, and environmental factors.
Decline in the value of a property due to physical damage, old age or environmental factors.
decrease in value of an asset due to obsolescence or use
An allowance that is tax deductible for the cost of furniture and fittings provided in dwelling houses which are let out furnished.