Upon termination, the Venturers shall [Specify how assets, liabilities, and other matters will be handled].6. FORCE MAJEURE…
“Force Majeure” means the occurrence of an event or circumstance that prevents or impedes a party from performing one or more of its contractual obligations under the contract, if and to the extent that that party proves:…
[a] that such impediment is beyond its reasonable control; and…
[b] that it could not reasonably have been foreseen at the time of the conclusion of the contract; and…
[c] that the effects of the impediment could not reasonably have been avoided or overcome by the affected party.…
In the absence of proof to the contrary, the following events affecting a party shall be presumed to fulfil conditions (a) and (b) under paragraph 1 of this Clause:…
(i) war (whether declared or not), hostilities, invasion, act of foreign enemies, extensive military mobilisation;…
(ii) civil war, riot, rebellion and revolution, military or usurped power, insurrection, act of terrorism, sabotage or piracy;…
(iii) currency and trade restriction, embargo, sanction;…
(iv) act of authority whether lawful or unlawful, compliance with any law or governmental order, expropriation, seizure of works, requisition, nationalisation;…
(v) plague, epidemic, natural disaster or extreme natural event;…
(vi) explosion, fire, destruction of equipment, prolonged break-down of transport, telecommunication, information system or energy;…
(vii) general labour disturbance such as boycott, strike and lock-out, go-slow, occupation of factories and premises.…
A party successfully invoking this Clause is relieved from its duty to perform its obligations under the contract and from any liability in damages or from any other contractual remedy for breach of contract, from the time at which the impediment causes inability to perform, provided that the notice thereof is given without delay. If notice thereof is not given without delay, the relief is effective from the time at which notice thereof reaches the other party. Where the effect of the impediment or event invoked is temporary, the above consequences …
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