Statutory modification Clause Samples
A statutory modification clause defines how changes in relevant laws or regulations will affect the terms of the contract. Typically, this clause allows the contract to be adjusted if new statutes are enacted or existing laws are amended, ensuring that the parties remain compliant without breaching the agreement. For example, if a new tax law impacts the costs or obligations under the contract, the parties may renegotiate those terms accordingly. The core function of this clause is to provide flexibility and legal certainty, protecting both parties from unforeseen legal changes that could otherwise render the contract unenforceable or impractical.
Statutory modification a provision of any statute shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment;
Statutory modification any reference to a provision of any statute (including any U.S. federal statute and any Icelandic statute) shall be deemed also to refer to any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under such modification or re-enactment;