This form is used by the Lessee to give notice that Lessee's obligations to conduct operations on the Lease, which would have the effect of perpetuating or extending the term of the Lease, are suspended or delayed until the cause for the suspension of Lessee's obligations have ceased or are removed.
Virgin Islands Notice by Lessee of Force Majeure with Events Preventing Ability to Perform Operations on A Lease
Category:
State:
Multi-State
Control #:
US-OG-359
Format:
Word;
Rich Text
Instant download
Description
How to fill out Notice By Lessee Of Force Majeure With Events Preventing Ability To Perform Operations On A Lease?
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FAQ
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.
Hear this out loud PauseA typical force majeure clause includes a statement that the occurrence of certain events or circumstances will excuse performance; a listing of the events or circumstances; and a listing of obligations imposed on the party claiming to be excused that typically relate to keeping the other party informed about the force ...
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.
Hear this out loud PauseGenerally speaking, for events to constitute force majeure, they must be unforeseeable, external to the parties of the contract, and unavoidable. These concepts are defined and applied differently depending on the jurisdiction.
Hear this out loud PauseResponse to Force Majeure Declaration You assert that such an event is a ?cause outside the control of a party? which you claim excuses or delays performance.
If you have a family crisis, you have a right to limited time off work. This is called force majeure leave. You may need to take force majeure leave for an urgent family reason, such as the unexpected injury or illness of a 'close family member'.
Hear this out loud PauseRe: Notice of Force Majeure As you may know, [IDENTIFY THE FORCE MAJEURE EVENT]. We are writing to notify you that, following our best efforts to remain fully operational during this time, we have no choice but to invoke force majeure, pursuant to [section/clause/article ___] of the Contract.
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).
