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 ?
uk, Arsenal believed they had triggered an escape clause in the Uruguayan's previous contract when they offered 40,000,001 pounds for him in the summer but Liverpool said their understanding with Suarez was not contractual.
Arsenal believed they had triggered an escape clause in the 26-year-old's previous contract when they offered PS40,000,001 ([euro]50m) in the summer, but Liverpool said their understanding with Suarez was not contractual.
On the other hand, Dodgers general manager Ned Colletti has always been a proponent of "inventory," meaning trying to avoid losing a player whenever possible, and the Dodgers could send Castro down for now without losing him because his escape clause doesn't kick in until June 30.
with two admissions to the premiere of the movie "The Santa Clause 3: The Escape Clause.
The contract of sale should have an "out" or an escape clause which allows you an exit strategy in the event that you cannot resell the deal.
And he has revealed none of Albion's squad has an escape clause should they fail to hold on to their top flight position.
When couples ask to replace the traditional, words with an escape clause, he tells them, "We want people, if they make this kind of commitment, to make it for life.
Pompey boss Harry Redknapp raided relegated Leicester City with a pounds 100,000 bid for the left-back which activated an escape clause in Thatcher's contract.
West Midlands Regional Health Authority managers, jumping through hoops to find an escape clause which would prevent the company working, secured a resolution; the Orion staff were neither registered with the General Medical Council nor with a British Medical Defence organisation which would enable them to practice in England.
Three trade laws exist for firms and industries looking to fight "casting dumping"--Antidumping and Countervailing Duties and the Escape Clause (Section 201).
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.