This office lease form states that if performance by either party of any service or obligation under this agreement is prevented or delayed due to certain severe, circumstances, that party shall be excused from the performance to the extent of the prevention, restriction, delay or interference and the other party shall be responsible for performing all of its obligations.
Colorado Force Majeure and Restricted Performance
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Multi-State
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US-OL1102A2C
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FAQ
Indeed, courts generally do not recognize economic downturn as a force majeure event. This is because economic hardships occur regularly in business, and as a result, may be appropriately and preemptively dealt with by allocating its risk through the terms of the contract.
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.
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.
Force majeure applies to cases where performance has become (temporarily) impossible due to an event beyond one party's control although all reasonable precautionary measures had been taken. Hardship deals with cases where the agreed performance is basically still possible.
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.
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 In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil ...
?Force majeure? means any unforeseeable circumstance which is beyond the control of a Party, or any unavoidable event, even if foreseeable, as a result of which such Party is unable to perform its obligations, in whole or in part, under this Agreement.
