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Source. 8. Force Majeure. “ Force majeure ” means any unforeseeable circumstance which is beyond the control of a Party, or any unavoidable event, even if foreseeable, as a result of which such Party is unable to perform its obligations, in whole or in part, under this Agreement.
Jun 10, 2024 · Force majeure is a clause included in contracts to remove liability for unforeseeable and unavoidable catastrophes interrupting the expected timeline and preventing participants from fulfilling...
Force majeure clauses allow a party to leave a contract temporarily or permanently, in whole or in part, for catastrophes that were not foreseeable. These catastrophes must cause severe disruption to fulfill a contractual obligation. If the event meets the term in the force majeure clause, both parties can end the agreement without penalty.
Jan 15, 2015 · A force majeure clause in a contract essentially releases both parties from obligation or liability when a circumstance beyond the parties’ control occurs preventing fulfillment of the contract.
Purpose. Time-critical and other sensitive contracts may be drafted to limit the shield of this clause where a party does not take reasonable steps (or specific precautions) to prevent or limit the effects of the outside interference, either when they become likely or when they actually occur.
Jun 26, 2024 · When well-drafted, force majeure clauses can determine what remedies are open to parties when a force majeure event affects performance under a contract. This article will step through the importance of force majeure clauses and offer some handy tips about best practice drafting.
force majeure. Force majeure is a provision in a contract that frees both parties from obligation if an extraordinary event directly prevents one or both parties from performing. A non-performing party may use a force majeure clause as excuse for non-performance for circumstances beyond the party's control and not due to any fault or negligence ...
