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 ?
It is interesting to note that while the above clause was interpreted by the Court as a force majeure clause, it did not expressly include the words "force majeure".
It should be made clear in both purchase and sale agreements and tolling agreements whether either (1) the withdrawal of an authorization due to government action or (2) the revocation of an authorization due to the actions of another customer or buyer in the same facility constitutes an event of Force Majeure excusing performance.
Therefore, international contractors are entitled to claim force majeure as a defense of nonperformance.
Nova Chemicals has issued force majeure notices to Lanxess regarding the raw material supply since October 2005.
However, New York Courts take a strict view of force majeure clauses as well.
The force majeure will remain in affect until advised otherwise by Sartomer.
The settlement amounts to the re-pricing and re-phasing of the delivery of the shortfall of 750,000 tonnes of coal previously notified in UK Coal's force majeure claim.
has declared force majeure on production of its Ultem polyetherimide and placed customers on allocation following an "unforeseen malfunction" at its plant in Mt.
Provided they are made correctly and in time, US and European coffee trade rules permit declarations of force majeure to delay shipment for a certain time until the situation blocking delivery is resolved.
Most standard contracts include a force majeure clause, which basically protects the supplier/manufacturer from unexpected circumstances ( something which experts at Eversheds believe the last-minute change in date would be classed as.
A force majeure event that has a material impact on the performance of the services for a minimum period (usually this is a termination right for the customer only, and a force majeure event should not relieve the provider from activating a disaster recovery or business continuity plan if otherwise part of the agreed-upon services); and
Airline labour agreements contain force majeure clauses that give carriers the flexibility to lay off workers without adhering to strict seniority provisions during unexpected crises.