Dilapidations refer to the state of disrepair and degradation of leasehold premises, potentially involving legal obligations for both tenants and landlords related to repairs and maintenance under various acts and common-law duties.
Estovers refer to the right of a tenant or life tenant to use timber on the leased premises for proper maintenance of the property.
A person or entity that supplies materials used in the construction or repair of a building or other property. If unpaid, a material man may file a mechanic's lien as a legal claim for the value of the materials provided.
Operating expenses refer to the amount paid to maintain a property or run a business, including costs such as property taxes, utilities, and hazard insurance. It excludes financing expenses, depreciation, and income taxes.
Preventive maintenance involves regular and routine check-ups on equipment and property to ensure they are in good working condition, thereby minimizing the need for costly repairs or replacements. This practice helps extend the lifespan of systems and machinery.
