Machine Design
According to Rankine's theory, the failure occurs at a point in a member

When the strain energy per unit volume in a biaxial stress system reaches the strain energy at the elastic limit per unit volume as determined from a simple tension test
When the maximum shear stress in a biaxial stress system reaches the shear stress at elastic limit in a simple tension test
When the maximum principal stress in a biaxial stress system reaches the elastic limit of the material in a simple tension test
When the maximum principal strain in a biaxial stress system reaches the strain at the elastic limit as determined from a simple tension test

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Machine Design
The creep in the belt is due to

Material of belt
Stresses beyond elastic limit of belt material
Unequal extensions in the belt due to tight and slack side tensions
Effect of temperature on belt

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