force majeure


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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.

Force Majeure Risk

The risk of loss to a company from an act of God. For example, force majeure risk is the risk that company will lose production from a factory if a tornado comes and destroys the factory. See also: Act of God bond.

force majeure

Something outside the control of parties to a contract and which could not have been foreseen or planned for.Usually found in construction contracts,suspending the time limits in the event of a force majeure.It can include Acts of God,such as tornadoes and hurricanes,or acts of humans,such as a strike,terrorist attack,or other such disruptive event.

References in periodicals archive ?
In case of a force majeure (beyond your control) event, a tenant is obligated to compensate the landlord for an amount not less than 30 per cent of rental of the remaining period of the lease contract, unless otherwise agreed by parties.
If the US and South Korea insist elimination of nuclear weapons in North Korea before any concessions are made to the North, this will be a clear invitation of force majeure by the North.
The company had imposed the Force Majeure on 31 August 2017 for all product shipments, except phenol, acetone, methyl chloride, methylene chloride and chloroform, from its Freeport, Texas facility.
Force majeure is a legal term that frees a company from any contractual obligation due to circumstances beyond its control.
While force majeure clauses are common, and typically buried in the final paragraphs of a contract, they are worth a second look.
The MAC's Aine McVerry said: "We are delighted to be hosting Force Majeure."
But Iranian Oil Minister Bijan Namdar-Zanganeh refused to accept Pakistan's declaration of force majeure and said Pakistan must pay the penalty for failing to build a pipeline from its border with Iran to its cities.
It will be much harder if you need to "stop" the execution of a local bank guarantee, in the case of a political or force majeure event, than to stop an international bank guarantees.
At first glance, the climactic scene in the Swedish film "Force Majeure" recalls a blockbuster disaster flick.
Amman, April 14 (Petra)--Yemen's liquefied natural gas (LNG) plant declared force majeure due worsening security and has halted all production at the plant.
The opening scenes of the drama "Force Majeure'' are shot against the breathtaking panorama of the French Alps.
Most well-written contracts include a force majeure clause, providing the parties with options if an event occurs beyond their reasonable control that impairs performance.