Template:EFET Allowance Annex 7.3: Difference between revisions
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§ 7.3 '''{{efetaprov|Notification and Mitigation of Force Majeure}}'''. The first Party learning of the occurrence of an event of {{efetaprov|Force Majeure}} shall, as soon as practicable, notify the other Party of the commencement of {{efetaprov|Force Majeure}}. Each Party shall then undertake in good faith to determine, and notify the other Party with, to the extent then available, a non-binding estimate of the extent and expected duration of the {{efetaprov|Force Majeure}} event and its impact on performance of all {{efetaprov|Allowance Transaction}}(s) affected by the event of {{efetaprov|Force Majeure}}. The {{efetaprov|Affected Party}} shall use all commercially reasonable efforts to mitigate the effects of {{efetaprov|Force Majeure}} and shall, during the continuation of {{efetaprov|Force Majeure}}, provide the other Party with reasonable updates, when and if available, of the extent and expected duration of its inability to perform. <br> | § {{efetaprov|7.3}} '''{{efetaprov|Notification and Mitigation of Force Majeure}}'''. The first Party learning of the occurrence of an event of {{efetaprov|Force Majeure}} shall, as soon as practicable, notify the other Party of the commencement of {{efetaprov|Force Majeure}}. Each Party shall then undertake in good faith to determine, and notify the other Party with, to the extent then available, a non-binding estimate of the extent and expected duration of the {{efetaprov|Force Majeure}} event and its impact on performance of all {{efetaprov|Allowance Transaction}}(s) affected by the event of {{efetaprov|Force Majeure}}. The {{efetaprov|Affected Party}} shall use all commercially reasonable efforts to mitigate the effects of {{efetaprov|Force Majeure}} and shall, during the continuation of {{efetaprov|Force Majeure}}, provide the other Party with reasonable updates, when and if available, of the extent and expected duration of its inability to perform. <br> | ||
Latest revision as of 16:13, 5 September 2023
§ 7.3 Notification and Mitigation of Force Majeure. The first Party learning of the occurrence of an event of Force Majeure shall, as soon as practicable, notify the other Party of the commencement of Force Majeure. Each Party shall then undertake in good faith to determine, and notify the other Party with, to the extent then available, a non-binding estimate of the extent and expected duration of the Force Majeure event and its impact on performance of all Allowance Transaction(s) affected by the event of Force Majeure. The Affected Party shall use all commercially reasonable efforts to mitigate the effects of Force Majeure and shall, during the continuation of Force Majeure, provide the other Party with reasonable updates, when and if available, of the extent and expected duration of its inability to perform.