Subject: Force Majeure clause in the sale contract between Dutch National Broadcasting Co. and Paine Webber Jackson Inc. Date: 16.10.14 Introduction Force Majeure clauses exist to solve disputes arising out of events that are beyond the control of the parties to the agreement. Under article 7.17 of the UNIDROIT principles‚ 2010‚ in common law‚ it is known as ‘doctrines of frustration and impossibility of performances ’and under civil law as ‘force majeure’. Definition of force majeure clause
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Effect of Force Majeure or Act of God If upon the happening of a fortuitous event or an act of God‚ there concurs a corresponding fraud‚ negligence‚ delay or violation or contravention in any manner of the tenor of the obligation as provided for in Article 1170 of the Civil Code‚ which results in loss or damage‚ the obligor cannot escape liability. It has been held that when the negligence of a person concurs with an act of God in producing a loss‚ such person is not exempt from liability by
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Recital 3. Tenure of agreement 4. Purpose/Scope of agreement 5. Commercial/Consideration part 6. Clause on Notice period 7. Termination clause 8. Effect of termination 9. Obligation of parties 10. Indemnity 11. Confidentiality 12. Force majeure 13. Intellectual property rights 14. Severability 15. No partnership 16. Arbitration/Dispute resolution 17. Jurisdiction 18. Modification/Amendment clause Ref: http://lex-warrier.in/2013/05/agreement-under-indian-contract-act/
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SALES CONTRACT Date: April 25‚ 2013 Between: ABC Trading Co‚ Ltd. (Vietnam) Address: Fax: Represented by: Hereinafter referred to the Seller And: NZ Co‚ Ltd. (Japan). Address: Fax: Represented by: Hereinafter referred to the Buyer Both parties have agreed to sign the contract with the following terms and conditions 1. COMMODITY: Vietnam Robusta Coffee‚ Daklak origin 2. QUALITY: According to the sample agreed by both parties (Sample No 2345) 3. QUANTITY:
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claim on account of loss sustained by him due to flooding of the work area. The owner refused to pay any compensation on the ground that this case come under the case of force majeure contained in Clause 47 and disentitled the respondent from making any claim which was on account of unprecedented rain(Which comes under force majeure by GCC). Ultimately‚ the matter was referred to an arbitrator. The arbitrator gave an award for payment of a sum of Rs. 12‚ 55‚365 together with interest at the rate of
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Long-Term Sales Contract Seller: Greatest Phone Company Co Add: 645 West Road‚ Accra; Ghana Post code: 6679087 Bank: Bank de National‚ Caracas; Venezuela Account number: 739153091438091001 Buyer: Greatest Purchaser Company Add: 57 Rue de Confederation‚ Geneva; Switzerland Post code: 1208 Bank: Barclays Bank‚ Geneva; Switzerland Account number: 678153091778091090 The buyer and Seller agree to conduct transactions according to the terms and
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TAKE HOME EXAM 1) Applicable Law Why is it important to choose an applicable law in the contract ? It is important to choose an applicable law in the contract in order to avoid the conflict of laws between countries. That’s why is necessary to set a procedure of rules that determines which legal system and which jurisdiction apply to a given dispute. The rules typically apply when a legal dispute has a "foreign" element such as a contract agreed to by parties located in different countries
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necessary to alter the original contract schedule because of delays that arose in the project due to unexpected situations. The owner‚ the contractor or a third party may be accountable for delay. In construction contracts‚ there are what are called force majeure contract clauses which refer to incidences which are beyond the reasonable control of any party to the construction contract. These are known as "acts of god" or "unavoidable casualty." For these types of events‚ claims for a time extension are
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CONTRACT No. FRKL145 Between the undersigned: Bradiaga Krills Ltd‚ a company whose head office is located at 5 Profsouznaya st.‚ Murmansk‚ Russian Federetion‚ represented by General Manager Mr. Ivan Ivanov hereinafter referred to as the “Seller” on the one hand and Bizzard Ltd‚ a company whose head office is located at 34 King st.‚ Aberdeen‚ United Kingdom‚ represented by General Manager Mr. Elton John hereinafter referred to as the Buyer on the other hand WHEREAS the Seller
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Discharge of a Contract Frustration Frustration refers to the situation when a supervening event occurs‚ for which neither party is responsible‚ with the result that the very basis of the contract is destroyed so that the venture to which the parties now find themselves committed is radically different from that originally contemplated. Frustration should not be used: 1. By a contracting party to escape what has turned out to be a bad bargain 2. Free to make contractual provision
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