This office lease form states the tenants obligations to pay rent and perform all the covenants and agreements of the lease even when the landlord is unable to perform obligations under the lease as a result of any natural causalities.
Virginia Standard Force Majeure Clause
Category:
State:
Multi-State
Control #:
US-OL1102A2A
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Word;
PDF
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How to fill out Standard Force Majeure Clause?
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FAQ
A material breach is a failure to do something that is so fundamental to the contract that failure to perform that obligation defeats an essential purpose of the contract. 5. If the initial breach is material, the other party to the contract is excused from performing his contractual obligations.
(1) Damages for breach by either party may be liquidated in the agreement but only at an amount which is reasonable in the light of the anticipated or actual harm caused by the breach, the difficulties of proof of loss, and the inconvenience or nonfeasibility of otherwise obtaining an adequate remedy.
A force majeure or an ?Act of God? clause provides an excuse to suspend performance due to circumstances beyond a party's control. To obtain relief in Virginia, courts will look at whether a party was unable to fulfill an obligation due to an event beyond the party's control.
Neither party will be liable for inadequate performance to the extent caused by a condition (for example, natural disaster, act of war or terrorism, riot, labor condition, governmental action, and Internet disturbance) that was beyond the party's reasonable control.
A liquidated damages clause is a means of ensuring that you are compensated if the party you hired fails to do the job. It should include a clause that sets out the specific amount of damages you are to receive if a specific type of breach occurs.
The main difference between a penalty clause and liquidated damages is that the former is intended as a punishment and the latter simply attempts to make amends or rectify a problem.
An example of liquidated damages is when a bank or person offers money in the form of a loan and the stipulated time of repayment ends before the completion of payment. The defaulting party must compensate for this damage as agreed in the contract.
A liquidated damages clause specifies a predetermined amount of money that must be paid as damages for failure to perform under a contract. The amount of the liquidated damages is supposed to be the parties' best estimate at the time they sign the contract of the damages that would be caused by a breach.
