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 ?
Jack sets out to exploit the eponymous "escape clause" in Santa's contract, using the big guy's personal snow globe to trick him into renouncing his identity.
She even tries to make use of an 'escape clause; which would allow her to return to Earth after one year.
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.
Nobody has got any escape clause in their contract.'
The Albion manager has repeated chairman Jeremy Peace's assertion last week that the Baggies will not sell off their best assets in the event of relegation by revealing that no player has an 'escape clause' in his contract.
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.
Three trade laws exist for firms and industries looking to fight "casting dumping"--Antidumping and Countervailing Duties and the Escape Clause (Section 201).
Fortunately, there was as escape clause: "However, if anyone committed these capital crimes and has gone undetected, and goes of his own accord to a priest and is willing to make his confession and undergo a penance, he shall be excused the death penalty on the priest's testimony." Now here's one way to revive an interest in the sacrament of penance (although there might be a problem with the privacy of the confessional).
He has what he calls his "may not be able to" escape clause.
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.