This office lease form states that this lease and the obligations of the parties to perform their obligations under this lease shall be suspended and excused in the event that party is prevented or delayed in performing its obligations due to a natural calamity. Nothing under this provision shall require the tenant to waive its rights to cancel this lease under constructive or actual constructive eviction or by law.
The Virgin Islands Fairer Force Mature Clause refers to a legally binding provision included in contracts to address unforeseen circumstances or events that could prevent or delay the performance of contractual obligations. This clause offers protection to both parties involved by allocating risks and responsibilities in the event of a force majeure. Force majeure events commonly include natural disasters (such as hurricanes, earthquakes, or floods), acts of terrorism, war, government actions, strikes, and any other uncontrollable events beyond the reasonable control of the parties involved. When such events occur, they might make it impossible or unfeasible for a party to fulfill their obligations under the contract. The purpose of incorporating the Virgin Islands Fairer Force Mature Clause is to establish a fair and equitable approach to allocating the risks associated with unforeseen events. It ensures that neither party bears an unfair burden nor faces a significant disadvantage due to circumstances beyond their control. Types of the Virgin Islands Fairer Force Mature Clauses: 1. Excusable Delay Clause: This type of force majeure clause provides relief to the party affected by the force majeure event, allowing for a temporary suspension of contractual obligations until the event has ceased or its impact is no longer preventing performance. 2. Partial Performance Clause: In some cases, a force majeure may only impact a portion of the contract. This clause allows for the remaining obligations to be performed while suspending or limiting performance of the affected portion. 3. Extended Performance Period Clause: When a force majeure event occurs, this clause extends the time period allotted for performance to account for the delay caused by the event. It ensures that the affected party is not held accountable for non-performance during the force majeure event. 4. Termination Clause: In certain circumstances, a force majeure event may render the contract impossible or impracticable to fulfill. This clause allows either party to terminate the contract without penalty if the force majeure event persists for an extended period or makes performance impossible. It is essential to carefully draft the Virgin Islands Fairer Force Mature Clause to clearly define the events that may be considered force majeure, the obligations and liabilities of each party, the notice requirements, and the procedure for resolving any disputes arising from the clause. By including this clause, parties can protect their interests and allocate risks in a fair and reasonable manner when unforeseen events disrupt contract performance in the Virgin Islands.
