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force majeure |
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Force Majeure Events outside the control of the parties. These events are acts of man, nature, governments and regulators, or impersonal events. Contract performance is forgiven or extended by the period of force majeure. Force Majeure Risk The risk of loss to a company from an act of God. For example, force majeure risk is the risk that company will lose production from a factory if a tornado comes and destroys the factory. See also: Act of God bond. force majeure Something outside the control of parties to a contract and which could not have been foreseen or planned for.Usually found in construction contracts,suspending the time limits in the event of a force majeure.It can include Acts of God,such as tornadoes and hurricanes,or acts of humans,such as a strike,terrorist attack,or other such disruptive event. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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