This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
New Jersey Force Majeure
Category:
State:
Multi-State
Control #:
US-OG-796
Format:
Word;
Rich Text
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How to fill out Force Majeure?
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FAQ
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).
Liquidated damages provisions are generally enforceable if they are intended to compensate the non-breaching party rather than penalize the breaching party. Contracts often provide for fixed amounts of money ? often called ?liquidated damages? ? for breaches of certain contract provisions.
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.
New York enforces liquidated damages clauses so long as the damages are not a ?penalty.? JMD Holding Corp. v. Cong. Fin.
A liquidated damages clause is enforceable so long as [ ](a) the amount so fixed [?]is a reasonable forecast of just compensation for the harm that is caused by the breach,? and (b) the harm that is caused by the breach is one that [?]is incapable or very difficult of accurate estimate.? Given that [defendant's] new ...
The event must be either unforeseeable or unavoidable; The event must be such as to render it impossible for the debtor to fulfill his obligation in a normal manner; and. The party claiming did not participate in, nor aggravate, the injury to the other party.
If a liquidated damages clause is found to be a penalty, it is unenforceable by the party seeking to impose it. Even where the liquidated damages clause is unenforceable because it is a penalty, the clause may still operate as a cap on general damages.
A liquidated damages clause is enforceable regardless of the actual loss suffered by a party, provided the amount payable is not a penalty, ie when it was agreed it was not out of all proportion to the legitimate interest of the innocent party in the enforcement of the primary obligation.
