Justified Event definition

Justified Event. Means any event or circumstance that is beyond the Transporter’s control, such as: Act of God, force majeure, fortuitous event, act of a third party or of the victim, defects inherent to the Crude Oil.
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Justified Event means any force majeure events or circumstances, acts of nature, acts by third parties, or the exclusive fault of the victim and/or defects of or inherent in the Crude Oil. For the Cxxx Xxxxx – Coveñas Pipeline, pursuant to the Cxxx Xxxxx – Coveñas Pipeline Transporter Manual for the Transportation Contract for Crude Oil Owned by OXY entered into by and between ECOPETROL and Occidental de Colombia Inc. and Occidental de Andina Inc., it shall be understood as an event or circumstance beyond CENIT’s control cases such as extraneous causes, force majeure, acts of nature, actions by third parties or by the victim, labor disputes or any other type of actions by an organized labor force, external war (whether declared or not), civil war, sabotage, revolution, insurrection, riot, civil disturbance, terrorism, unlawful acts by third parties, epidemics, tornados, tsunamis, landslides, lightning, earthquakes, floods, storms, fire, adverse weather conditions, expropriation, nationalization, laws, regulations, or orders by a competent authority, explosions, damage or accidents involving machinery, equipment, piping, power transmission lines, or any other installations, embargos, the inability or delays in obtaining equipment or materials and/or defects of or inherent in the Crude Oil.
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Justified Event means an event or circumstance that (i) could not have been reasonably foreseen by the affected party (“Affected Party”) prior it its occurrence; (ii) could in no case be attributed to the fault of the Affected Party, (iii) the Affected Party could not overcome by making reasonable efforts applicable to the exercise of the activity, and (iv) prevent the Affected Party from fulfilling its obligations arising herefrom. Events of terrorism, strike (whether legal or illegal), work stoppage or labor disputes, civil unrest or rainfall conditions, acts of public enemies, war (declared or not), civil war, sabotage, blockades, revolution, coups d’état, insurrection, riots, epidemics, cyclones, tsunamis, landslides, lightning, earthquakes, floods, storms, fire, adverse weather conditions, and explosions shall constitute Justified Events without meeting the condition established in (i) of the preceding paragraph, provided the requirements mentioned in (ii) to (iv) thereof are met. Additionally, the Carrier shall be released from the fulfillment of its obligations when the Justified Event is due to an inherent defect of the transported Crude Oil, provided it has exercised the controls inherent to its activity at the time of receipt thereof, or to the exclusive act of a third party. In the case of situations that affect the Original Shipper and have been caused by other Shippers, such situation shall be resolved as established in section 10.1 hereof; therefore, the Original Shipper accepts and agrees to abide by the arbitration clause contained in the transportation contracts entered into by the Carrier with the other Shippers in terms substantially equal to those of this Contract.
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Examples of Justified Event in a sentence

  • The Transporter will be liable for the damages or losses caused to the Senders, generated by, derived from or related to the fault or breach, on the Transporter’s part, of the Obligations contained in this Manual, its attachments, the Transportation Contract and the legislation applicable, unless it proves that the damage or loss occurred as a consequence of a Justified Event and that it also adopted a Reasonable Effort.

  • The Transporter may reject an application for a Justified Event without considering it as breach if its obligations as Transporter, provided that it meets the conditions set forth in Clause 18 of this Manual.

  • Subject to Section 7.3, the obligations of an Affected Party under this Contract shall be suspended insofar and only insofar as said obligations are affected by a Justified Event.

  • In such event, the Affected Party shall present written notification to the other Party with all the details of the Justified Event, including the day and, if possible, the time when it began, along with a description of the obligations affected by it, immediately and no later than within three (3) days following that on which the Justified Event occurs.

  • Notwithstanding the provisions in Sections 3.04, 3.05 and 3.07, CENIT warrants to ECOPETROL that for the effective term of the Master Service Contract, it shall maintain availability of its Firm Capacity for each Asset at an amount that is no less than the figure resulting from the following formula: Where, · FC is the Firm Capacity for each Asset; and · S is the number of Days the applicable Service will be suspended due to a Justified Event.

  • Notwithstanding the foregoing, should the Justified Event suspend Service provided for a period equal to or greater than 6 continuous and uninterrupted months, counted as of the date of occurrence of the event, the Shipper shall have the right to terminate this Agreement without having to pay any compensation to Bicentenario.

  • Also, the lifting of the Justified Event and its consequences will be communicated in writing within twenty-four (24) hours of the conclusion of the respective Justified Event.

  • The Party affected by a Justified Event is required to do everything reasonably advisable and possible, under extraordinary conditions, to mitigate and minimize the effects of the Justified Event, as well as to overcome them as soon as possible.

  • In these cases the affected Party shall notify the other Party, first by the most expeditious means and later in writing within a maximum period of twenty-four (24) hours regarding the respective situation, indicating the events that brought about the Justified Event.


More Definitions of Justified Event

Justified Event has the meaning assigned to it in Section 7.1 of the Contract.
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Related to Justified Event

  • Specified Event has the meaning given to such term in the definition of “Consolidated EBITDA.”

  • Specified Event of Default means an Event of Default under Section 7.01(a), (b), (h) or (i).

  • Specified Cause Event shall have the meaning set forth in the SLDs.

  • Severe Disruption Event means any event specified as such in the Final Terms.

  • Unmatured Termination Event means an event that, with the giving of notice or lapse of time, or both, would constitute a Termination Event.

  • Settlement Disruption Event means each of the following events, as determined by the Calculation Agent in its sole discretion acting in good faith and in a commercially reasonable manner:

  • FX Disruption Event ' means the occurrence of any event on any day or any number of consecutive days as determined by the Calculation Agent in its sole and reasonable discretion that affects the Issuer’s currency hedging (if any) with respect to the Products.

  • Default under Specified Transaction provisions of Section 5(a)(v) will not apply to Party A and will not apply to Party B.

  • Step Up Event means a failure to meet the Minimum Rating Requirement at any time, unless:

  • Covered Event means any event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company, or any subsidiary of the Company, or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action or inaction on the part of Indemnitee while serving in such capacity.

  • Additional Disruption Event means any of Change in Law, Hedging Disruption and/or Increased Cost of Hedging.

  • Barrier Event means that R (final) is lower than the Barrier.

  • Termination Upon a Change in Control means a termination of Officer’s employment with Corporation within 12 months following a “Change in Control” that constitutes a Termination Other Than For Cause described in Section 2.1(b).

  • Cause Event means (1) fraud, criminal conduct or willful misconduct by or on the part of the Dealer Manager, (2) a representation or warranty made by the Dealer Manager herein proving to be untrue in any material respect, or (3) a default in the due performance or observance by the Dealer Manager of any covenant or agreement contained in this Agreement and such default continuing unremedied for a period of 30 days after written notice thereof to the Dealer Manager by the Company.

  • Fund Disruption Event means any of the following events, as determined by the Determination Agent in its reasonable discretion:

  • Designated Event with respect to X means that:—

  • Control Termination Event shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

  • Potential Termination Event means an event which, with the passage of time or the giving of notice, or both, would constitute a Termination Event.

  • Default Event means an event or circumstance which leads Operator to determine that a Venue User is or appears to be unable or likely to become unable to meet its obligations in respect of an Order or Transaction or to comply with any other obligation under an Agreement or Applicable Law.

  • Notice Event means any of the events enumerated in paragraph (b)(5)(i)(C) of the Rule and listed in Section 4(a) of this Disclosure Agreement.

  • Disruption Event means either or both of:

  • Realization Event means (i) the consummation of a Sale of the Company; or (ii) any transaction or series of related transactions in which the Investor sells at least 50% of the Shares directly or indirectly acquired by it (from the Company or otherwise) and at least 50% of the aggregate of all Investor Investments.

  • Good Reason Event means (1) fraud, criminal conduct or willful misconduct by or on the part of the Company, (2) a representation or warranty made by the Company herein proving to be untrue in any material respect, or (3) a default in the due performance or observance by the Company of any covenant or agreement contained in this Agreement and such default continuing unremedied for a period of 30 days after written notice thereof to the Company by the Dealer Manager.

  • ii) Event means any event described in Section 11(a)(ii) hereof.

  • ERISA Termination Event means (i) a “Reportable Event” described in Section 4043 of ERISA and the regulations issued thereunder (other than a “Reportable Event” not subject to the provision for 30-day notice to the PBGC under such regulations), or (ii) the withdrawal of a Borrower or any of its ERISA Affiliates from a “single employer” Plan during a plan year in which it was a “substantial employer”, both of such terms as defined in Section 4001(a) of ERISA, or (iii) the filing of a notice of intent to terminate a Plan or the treatment of a Plan amendment as a termination under Section 4041 of ERISA, or (iv) the institution of proceedings to terminate a Plan by the PBGC or (v) any other event or condition which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan or (vi) the partial or complete withdrawal of a Borrower or any ERISA Affiliate of such Borrower from a “multiemployer plan” as defined in Section 4001(a) of ERISA.

  • Benchmark Modification or Cessation Event means, in respect of the Benchmark any of the following has occurred or will occur: