escape clause


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escape clause

A clause that allows one party or the other to cancel a contract without penalty upon the happening of certain described events or conditions.The most common ones in real estate are the ability to cancel a purchase contract if the buyer cannot secure acceptable financing or if the buyer cannot sell his or her own home.

References in periodicals archive ?
Veteran left-hander Eric Milton, whose escape clause kicks in Saturday, has agreed not to exercise it.
Nobody has got any escape clause in their contract.
Both had similar escape clauses to Thatcher in their contracts which were activated when Micky Adams' side were relegated.
The hero of this tale of a frustrated devil has the cleverness to insert an escape clause in the contract he makes with his Infernal Majesty.
But even if America did not turn itself around, most believers had an escape clause in their religious contracts: God's final triumph was near, and his faithful followers would be taken from the sinful world to a heavenly kingdom when the end arrived.
Valpak, one of North America's leading direct marketing companies, is partnering with Walt Disney Pictures to capture the spirit of the holiday season by promoting The Santa Clause 3: The Escape Clause on the familiar blue envelope.
AidAn O'Brien has won the Juddmonte Beresford Stakes on 15 occasions - but Jessica Harrington is out to end his dominance of the Group 2 contest at the Curragh on Sunday with escape Clause.
EVERTON will offer John Stones a new contract - but he will only sign if there is an escape clause.
LUIS SUAREZ has a PS70million escape clause in his Liverpool contract.
According to the Mirror, during his time in charge at Goodison Park, Moyes saw the Belgium star sign a deal that carried a 24million pound get-out clause, but the escape clause expired earlier this month.
The 6'11" centre - who joined the basketball outfit only last month - is ready to invoke an escape clause in his contract and secure a lucrative move to Spanish side Tenerife.
Speculation is rife over Owen's future with Arsenal having been linked with a move to trigger an escape clause in his contract following Thierry Henry's departure.