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.
Wisconsin Notice by Lessee of Force Majeure with Events Preventing Ability to Perform Operations on A Lease
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US-OG-359
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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
A force majeure clause includes three elements: It specifies the events which enable either party to declare a force majeure/act of God event. It states how a party should notify its counterparty about the occurrence. It describes the consequences after a force majeure event has occurred.
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.
Force Majeure Clauses A force majeure clause ('FM clause') is a contractual mechanism that may relieve a party of contractual liability in specified circumstances, usually described as being 'beyond that party's control', which lead to an inability to fulfil their contractual obligations.
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).
Most contracts, including ones involving real estate, contain a force majeure or ?act of God? provision. The purpose of this clause is to excuse one of the parties from the obligation outlined in the agreement if something occurs that cannot be reasonably anticipated.
Instead, the term force majeure is a convenient "label" used to refer to clauses which relieve a party from performance of its contractual obligations where that performance is impacted by events outside its control, such as natural disasters or war.
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.
Force majeure clauses, common in most commercial lease agreements, generally excuse, or temporarily delay, certain landlord or tenant lease obligations due to unforeseen circumstances beyond the parties' control.
