Common use of Termination in Consequence of Force Majeure Clause in Contracts

Termination in Consequence of Force Majeure. ‌ If circumstances of Force Majeure have occurred that have materially affected the Work and have continued for a period of forty-five (45) days in the aggregate, and there is a corresponding delay in the schedule for performance and the Guaranteed Substantial Completion Date of forty-five (45) days in the aggregate caused by the Force Majeure, then, notwithstanding that Seller may by reason thereof have been granted an extension of the schedule for performance and the Guaranteed Substantial Completion Date, by Change Order, Buyer shall be entitled to provide notice of its intent to terminate this Agreement upon thirty (30) days notice to Seller. If at the expiration of such thirty (30)-day period such Force Majeure shall still continue, Buyer may elect to terminate this Agreement.

Appears in 4 contracts

Samples: Asset Purchase Agreement, Asset Purchase and Sale Agreement, Asset Purchase and Sale Agreement

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Termination in Consequence of Force Majeure. ‌‌ If circumstances of Force Majeure have occurred that have materially affected the Work and have continued for a period of forty-five (45) days in the aggregate, and there is a corresponding delay in the schedule for performance and the Guaranteed Substantial Completion Date of forty-five (45) days in the aggregate caused by the Force Majeure, then, notwithstanding that Seller may by reason thereof have been granted an extension of the schedule for performance and the Guaranteed Substantial Completion Date, by Change Order, Buyer shall be entitled to provide notice of its intent to terminate this Agreement upon thirty (30) days notice to Seller. If at the expiration of such thirty (30)-day period such Force Majeure shall still continue, Buyer may elect to terminate this Agreement.

Appears in 1 contract

Samples: Asset Purchase and Sale Agreement

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Termination in Consequence of Force Majeure. If circumstances of Force Majeure have occurred that have materially affected the Work and have continued for a period of forty-five (45) days in the aggregate, and there is a corresponding delay in the schedule for performance and the Guaranteed Substantial Completion Date of forty-five (45) days in the aggregate caused by the Force Majeure, then, notwithstanding that Seller may by reason thereof have been granted an extension of the schedule for performance and the Guaranteed Substantial Completion Date, by Change Order, Buyer shall be entitled to provide notice of its intent to terminate this Agreement upon thirty (30) days notice to Seller. If at the expiration of such thirty (30)-day period such Force Majeure shall still continue, Buyer may elect to terminate this Agreement.

Appears in 1 contract

Samples: Asset Purchase Agreement

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