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Severability
(redirected from Savings Clause)

   Also found in: Wikipedia 0.01 sec.
Severability
A clause in a contract stating that if one clause in the contract is ruled illegal or unenforceable, the remainder of the contract remains in effect. Severability exists to protect the counterparties to the contract from the possibility that the whole contract will be ruled invalid. This is especially important if one or both parties must spend money in the execution of the contract. A contract without a severability clause could be declared entirely invalid if a single section is declared invalid. It is also called a savings clause.


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38) Attorneys should be aware that the inclusion of a usury savings clause in a partnership/loan agreement, by itself, will not preclude a finding of usury.
Both bills amend the CAA's savings clause, but keep most of its original CAA savings clause language, so state authority to regulate GHGs is preserved.
One possibility is to consider fair market lease renewals with a savings clause wherein the landlord and free market tenant mutually acknowledge the uncertainty created by the pendency of the Appeal and agree to alter their relationship to that of landlord and rent stabilized tenant if and when the Court of Appeals affirms.
 
 
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