This office lease form states that if performance by either party of any service or obligation under this agreement is prevented or delayed due to certain severe, circumstances, that party shall be excused from the performance to the extent of the prevention, restriction, delay or interference and the other party shall be responsible for performing all of its obligations.
Arizona Force Majeure and Restricted Performance
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Multi-State
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US-OL1102A2C
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How to fill out Force Majeure And Restricted Performance?
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FAQ
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.
The clause aims to provide relief to a party to a contract when an unexpected event occurs that is beyond the party's control, leaving them unable to perform their contractual obligation(s) 5 6. The force majeure clause is sometimes referred to as an ?Act of God? clause or an ?excusable delay? clause 2 3 5.
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.
A force majeure clause typically operates to fully or partially excuse the non-performance of a party's contractual obligations, or to delay the obligation to perform, in circumstances defined (narrowly or broadly) by the contract. Those circumstances must generally be beyond a party's control.
Indeed, courts generally do not recognize economic downturn as a force majeure event. This is because economic hardships occur regularly in business, and as a result, may be appropriately and preemptively dealt with by allocating its risk through the terms of the contract.
Force Majeure In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil ...
Force Majeure Clause A party is not liable for a failure to perform if he can prove that: (1) the failure was due to an impedement beyond his control; (2) he could not have reasonably foreseen the impediment at the time of contract formation; and (3) he could not have reasonably avoided or overcome its effects.
What are the three elements of force majeure? In general, for an event to trigger a force majeure clause, it must be unforeseeable, external to the parties of the contract, and serious enough that it renders it impossible for the party to perform its contractual obligations.
