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Force Majeure |
Also found in: Dictionary/thesaurus, Legal, Encyclopedia, Wikipedia, Hutchinson | 0.03 sec. |
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Force Majeure A French term literally translated as "greater force", this clause is included in contracts to remove liability for natural and unavoidable catastrophes that interrupt the expected course of events and restrict participants from fulfilling obligations. Notes: This clause is meant to benefit both parties in a contract. Force majeure would come into play, for example, when you buy a house: should the house be destroyed in a fire caused by a lightning strike, neither party remains obligated. 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. |
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Bayer MaterialSeienee LLC, Pittsburgh, PA, has lifted Force Majeure regarding its ability to supply toluene diisocyanate (TDI) products in North America, effective January 1, 2007. 17, 2004, the company declared force majeure on MDI, which freed the company fromliability or obligation. Force majeure clauses enable a party to contractually avoid liability due to an irresistible, natural or unavoidable force. |
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Force Majeure
