Real Estate Force Majeure Clause In New York
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FAQ
What is a Force Majeure Clause? A force majeure (pronounced “forss ma-zhoor”) clause is a provision in a contract that allows one or both parties to excuse (or sometimes delay) their performance obligations if circumstances beyond their control arise. These circumstances are typically called “force majeure events.”
Force majeure clauses are often included in investment contracts to excuse a party from liability for non-performance of obligations where an unforeseen external event renders performance impossible.
The force majeure clause is a contract provision that relieves involved parties from performing their contract obligations if extreme circumstances or “major unforeseen events” outside of their control arise that would make performing these obligations impossible, inadvisable, or dangerous.
Force majeure events are usually defined as certain acts, events or circumstances beyond the control of the parties, for example, natural disasters or the outbreak of hostilities.
If a contract is silent on force majeure or if the event does not meet the definition of force majeure under the parties' contract, a party's performance may still be excused in certain circumstances under the doctrine of commercial impracticability.
These may include earthquakes, floods, fire, plague, Acts of God (as defined in the contract or in applicable law) and other natural disasters. These are events which are not within the control of the Host Government.
Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of either Party.
These may include earthquakes, floods, fire, plague, Acts of God (as defined in the contract or in applicable law) and other natural disasters. These are events which are not within the control of the Host Government.
Neither Party shall be liable for failure of or delay in performing obligations set forth in this Agreement, and neither shall be deemed in breach of its obligations, if such failure or delay is due to natural disasters or any causes beyond the reasonable control of either Party.
“Force Majeure” means: hurricanes, floods, extreme weather, earthquakes, fire, or other acts of God, unusual transportation delays, or wars, insurrections, or acts of terrorism, which, by exercise of reasonable diligent effort, the non-performing party is unable in whole or in part to prevent or overcome.
