Force Majeure/Time Sample Clauses
The Force Majeure/Time clause defines how unforeseen events beyond the control of the parties, such as natural disasters or government actions, affect contractual obligations and timelines. Typically, this clause allows for extensions of time or suspension of performance if such events prevent one or both parties from fulfilling their duties as scheduled. Its core function is to allocate risk and provide a fair mechanism for adjusting deadlines, ensuring that parties are not penalized for delays caused by extraordinary circumstances outside their control.
Force Majeure/Time. Notwithstanding anything in this AGREEMENT, neither party shall be in default with respect to the performance of any of the terms of this AGREEMENT if any non-performance is due to any force majeure, strike, lock-out, labour dispute, civil commotion, war or similar event, invasion, the exercise of military power, act of God, government regulations or controls, inability to obtain any material or service, or any cause beyond the reasonable control of the party (unless such lack of control results from a deficiency in financial resources). Otherwise, time shall be of the essence of this AGREEMENT and all the obligations contained herein.