Loss Of Use

Business, Legal & Accounting Glossary

Definition: Loss Of Use

What is the dictionary definition of Loss Of Use?

Dictionary Definition

n. the inability to use an automobile, premises or some equipment due to damage to the vehicle, premises or articles caused by the negligence or other wrongdoing of another. Examples: compensation for each day a car is out of commission during repairs or for the period of non-occupancy while a burned building is restored. A common standard of compensation (payment) is rental value of the automobile or premises, but the period of loss must be “reasonable,” meaning the damages will be limited to a period in which a person would normally and promptly proceed to have the vehicle repaired or arrange reconstruction of the building or premises.

Cite Term

To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
Modern Language Association (MLA):
Loss Of Use. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. October 19, 2020 https://payrollheaven.com/define/loss-of-use/.
Chicago Manual of Style (CMS):
Loss Of Use. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/loss-of-use/ (accessed: October 19, 2020).
American Psychological Association (APA):
Loss Of Use. PayrollHeaven.com. Retrieved October 19, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/loss-of-use/

Definition Sources

Definitions for Loss Of Use are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th April, 2020 | 0 Views.