Reversals of Credit Projects Not Due to Noncompliance Sample Clauses

Reversals of Credit Projects Not Due to Noncompliance. A party is not responsible for failure to perform obligations if such failure is a result of events that are not the responsibility of the Participant, such as a Force Majeure event or competing land uses over which the Participant has no control, as described in the Participant Contract and the Exchange Manual. If a party asserts a reversal for a Credit Project otherwise in compliance with obligations under a Participant Contract and Management Plan, the nonperforming party must demonstrate that the party took reasonable steps to minimize delay or damages caused by foreseeable events, that the party substantially fulfilled all non-excused obligations, and that the Exchange Administrator was timely notified of the likelihood or actual occurrence of an event described in this section. Specific processes including use of the reserve account and financial assurances following a reversal not due to noncompliance are described in the template Participant Contract and Exchange Manual.
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Related to Reversals of Credit Projects Not Due to Noncompliance

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