Sample Management Contract With Force Majeure In Kings
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For the avoidance of doubt, Force Majeure shall not include (a) financial distress nor the inability of either party to make a profit or avoid a financial loss, (b) changes in market prices or conditions, or (c) a party's financial inability to perform its obligations hereunder.
Nevertheless, THE FORCE MAJEURE EVENT has severely limited _____________'s ability to PERFORM OBLIGATIONS UNDER THE CONTRACT to the point where invoking force majeure is necessary. ingly, we write to request NATURE OF RELIEF SOUGHT due to the unforeseen impact of THE FORCE MAJEURE EVENT.
Examples of events that might trigger a force majeure clause into effect include a declaration of war, a disease epidemic, or a hurricane, earthquake, or other natural disaster events that fall under the legal term, “act of God.”
Either Party shall be excused from performance and shall not be in default in respect of any obligation hereunder to the extent that the failure to perform such obligation is due to a Natural Force Majeure Event.
What is an example of a force majeure event? Typical force majeure events include natural disasters (fire, storms, floods), governmental or societal actions (war, invasion, civil unrest, labor strikes), and infrastructure failures (transportation, energy).
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.
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.
Termination — In cases where the force majeure event is severe and long-lasting, the contract may allow for its termination, meaning the parties are released from their obligations entirely because the event has made it impossible or impractical to continue with the contract.
Sample Language 3 The Parties hereby acknowledge that while current events related to the current epidemic/pandemic are known, future impacts of the outbreak are unforeseeable and shall be considered a Force Majeure event to the extent that they prevent the performance of a Party's obligations under this Agreement.
