Definition and Effect Clause Samples
The "Definition and Effect" clause establishes the precise meanings of key terms used throughout the contract and clarifies how those definitions impact the interpretation and application of the agreement. Typically, this clause lists specific words or phrases and assigns them clear, unambiguous meanings, ensuring that all parties share a common understanding. By doing so, it prevents misunderstandings and disputes over terminology, thereby promoting consistency and legal certainty in the enforcement of the contract.
Definition and Effect. Subject to Clause 12.04 and compliance with Clause 21.02, no failure or omission by any Party to carry out or observe any of the stipulations or conditions of this Agreement shall, except in relation to obligations to make payments hereunder and except as herein expressly provided to the contrary, give rise to any claim against the Party in question or be deemed a breach of this Agreement if such failure or omission arises from any cause reasonably beyond the control of that Party, acting and having acted as Reasonable and Prudent Operator, including (without prejudice to the generality of the foregoing) strikes, lockouts and labour disputes (such cause herein referred to as "Force Majeure"). For the avoidance of doubt, in relation to the stipulations or conditions imposed upon the Shippers Group or Shippers Operator hereunder, the following shall not constitute Force Majeure:
(a) any failure of the Shippers Field reservoir to perform as anticipated; and / or
(b) late completion or availability of any other facilities necessary for the delivery of Shippers Pipeline Liquids; and / or
(c) failure by the owners of the Intervening System (if any) to act as a Reasonable and Prudent Operator; and / or
(d) failure by any contractor of the Shippers Group or Shippers Operator to act as a Reasonable and Prudent Operator; and / or
(e) any failure of the Shippers Group to perform their obligations as a result of events or causes affecting:
(i) the owners of the Intervening System (if any); or
(ii) any third party who transports, processes, stores and / or exports any hydrocarbons from the Shippers Field (other than INEOS acting as the owner and operator of the FPS System); where such events or causes affecting the owners of the Intervening System (if any) or such third party would not constitute Force Majeure as defined in this Agreement. In the event that a Party is unable to fulfil its obligations in the above circumstances, the obligations hereunder of such Party shall except as provided above be suspended. The Party whose obligations have been suspended as aforesaid shall give notice in writing of such suspension, as soon as reasonably possible, to the other Parties stating the date and extent of such suspension, cause thereof and such other details as may be reasonable in all the circumstances. Any Party whose obligations have been suspended as aforesaid shall resume the performance of such obligations as soon as reasonably possible after the removal of the cause...
Definition and Effect. A “nonappropriation” occurs when Customer is unable to secure or allocate sufficient funds in its operating budget to fulfill its financial obligations under this Agreement. If a nonappropriation occurs during the Term, Customer may terminate this Agreement at the end of the then-current fiscal period (“Termination Date”) without incurring any termination liability. Customer will not be obligated for payments for any fiscal period after the Termination Date. Customer will give Sprint written notice of any termination under this section at least 30 days before the Termination Date. At Sprint’s request, Customer will promptly provide supplemental documentation about the nonappropriation.
Definition and Effect. Upon the occurrence of any of the following events, the partnership will be dissolved and liquidated pursuant to Section 9.02:
(a) The determination of the Management Committee to dissolve the partnership.
(b) The entry of a decree of judicial dissolution pursuant to RCW 25.04.320.
(c) The entry of a decree adjudicating the partnership to be bankrupt.
(d) The liquidation, dissolution or bankruptcy, of any partner, unless such partner’s partnership interest is transferred pursuant to Section 10.02 to a permitted successor partner that is not bankrupt.
(e) The voluntary or involuntary transfer of any of a partner’s partnership interest to anyone other than a permitted transferee under Section 10.02.