Template:IETA Master Agreement 13.1: Difference between revisions
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{{ietaprov|13.1}} '''{{ietaprov|Force Majeure}}'''.<br> | {{ietaprov|13.1}} '''{{ietaprov|Force Majeure}}'''.<br> | ||
Upon the occurrence of a {{ietaprov|Force Majeure}}, either Party may notify the other Party in writing of the commencement of the {{ietaprov|Force Majeure}}. Where the notification is from the Party affected by the {{ietaprov|Force Majeure}} (the “'''{{ietaprov|FM Affected Party}}'''”), to the extent available to such Party, it should also provide details of the {{ietaprov|Force Majeure}} and a non-binding estimate of the extent and the expected duration of its inability to perform its obligations due to the {{ietaprov|Force Majeure}}.<br> | Upon the occurrence of a {{ietaprov|Force Majeure}}, either Party may notify the other Party in writing of the commencement of the {{ietaprov|Force Majeure}}. Where the notification is from the Party affected by the {{ietaprov|Force Majeure}} (the “'''{{ietaprov|FM Affected Party}}'''”), to the extent available to such Party, it should also provide details of the {{ietaprov|Force Majeure}} and a non-binding estimate of the extent and the expected duration of its inability to perform its obligations due to the {{ietaprov|Force Majeure}}.<br> | ||
The obligations of both Parties under this {{ietaprov|Agreement}} with respect to the Transaction(s) affected by the {{ietaprov|Force Majeure}} (the “'''{{ietaprov|FM Affected Transaction}} | The obligations of both Parties under this {{ietaprov|Agreement}} with respect to the Transaction(s) affected by the {{ietaprov|Force Majeure}} (the “'''{{ietaprov|FM Affected Transaction}}s'''”) will be suspended for the duration of the {{ietaprov|Force Majeure}}. During the continuation of the {{ietaprov|Force Majeure}}, the {{ietaprov|FM Affected Party}} shall use all reasonable endeavors to overcome the {{ietaprov|Force Majeure}}. Upon the {{ietaprov|Force Majeure}} being overcome or it ceasing to subsist, both Parties will, as soon as reasonably practicable thereafter, resume full performance of their obligations under this {{ietaprov|Agreement}} with respect to the {{ietaprov|FM Affected Transaction}}s (including, for the avoidance of doubt, any suspended obligations).<br> | ||
Where a {{ietaprov|Force Majeure}} (a) continues for a period of nine (9) {{ietaprov|Delivery Banking Day}}s or (b) continues up until three (3) {{ietaprov|Delivery Banking Day}}s prior to any {{ietaprov|Validity Period Reconciliation Deadline}} (if sooner), either Party may, by written notice to the other Party, terminate all (but not less than all) {{ietaprov|FM Affected Transaction}}s.<br> | Where a {{ietaprov|Force Majeure}} (a) continues for a period of nine (9) {{ietaprov|Delivery Banking Day}}s or (b) continues up until three (3) {{ietaprov|Delivery Banking Day}}s prior to any {{ietaprov|Validity Period Reconciliation Deadline}} (if sooner), either Party may, by written notice to the other Party, terminate all (but not less than all) {{ietaprov|FM Affected Transaction}}s.<br> | ||
Revision as of 09:57, 12 July 2023
13.1 Force Majeure.
Upon the occurrence of a Force Majeure, either Party may notify the other Party in writing of the commencement of the Force Majeure. Where the notification is from the Party affected by the Force Majeure (the “FM Affected Party”), to the extent available to such Party, it should also provide details of the Force Majeure and a non-binding estimate of the extent and the expected duration of its inability to perform its obligations due to the Force Majeure.
The obligations of both Parties under this Agreement with respect to the Transaction(s) affected by the Force Majeure (the “FM Affected Transactions”) will be suspended for the duration of the Force Majeure. During the continuation of the Force Majeure, the FM Affected Party shall use all reasonable endeavors to overcome the Force Majeure. Upon the Force Majeure being overcome or it ceasing to subsist, both Parties will, as soon as reasonably practicable thereafter, resume full performance of their obligations under this Agreement with respect to the FM Affected Transactions (including, for the avoidance of doubt, any suspended obligations).
Where a Force Majeure (a) continues for a period of nine (9) Delivery Banking Days or (b) continues up until three (3) Delivery Banking Days prior to any Validity Period Reconciliation Deadline (if sooner), either Party may, by written notice to the other Party, terminate all (but not less than all) FM Affected Transactions.