"Without prejudice to Article 12 of the Law Number (2) of 2007: (2) the committee, may if it is content with such force majeure
events, terminate the contract by obligating the tenant to pay compensation to the landlord in an amount not less than 30 per cent of rental of the remaining period of the lease contract, unless otherwise agreed by parties."
A 'force majeure
' clause is usually included in a contract that would relieve the parties from performing their contractual obligations when certain circumstances beyond their control arise.
Many contracts and conditions have a force majeure
clause saying you can't sue for non-performance if the reason is a force majeure
These are mainly due to production and environmental restrictions on key materials, especially in China, where there has been an unprecedented number of force majeure
incidents and escalations in the prices of oil, solvents, distillates and pigments.
The Oyu Tolgoi copper and gold mine in Mongolia's southern Gobi Desert will lift force majeure
effective March 1 and majority owner Turquoise Hill Resources Ltd said on Wednesday that it expected to make up any sales-related effect over the next few quarters, Reuters reported.
Fiona Macrae, from impartial insurance advisory firm Travel Insurance Explained, said: "The majority of standard policies will not include cover for force majeure
, which offers protection against events or circumstances beyond your control such as wildfires, ash cloud, hurricanes, flood and earthquakes.
M2 EQUITYBITES-October 2, 2017-Olin lifts Force Majeure
clause from Freeport, Texas
Tripoli'Libya's National Oil Corporation (NOC) announced Thursday that it had lifted force majeure
at all its oil ports and that oil exports are resuming.
Nearly every lease, real estate contract or construction contract with a specific deadline contains a "force majeure
" clause, which defines whether or not a given circumstance is an excusable delay.
Nexen has issued a force majeure
for all of its May production of Canadian heavy crude, two sources said.