What is a force majeure clause? Example?
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Force Majeure Clause Example Business Organizations and Transactional Attorney MN | Business Law Lawyers Minneapolis Minnesota | http://www.reellawyers.com/minnesota/minneapolisbusinesstransactionsattorneys/stephenyoch/forcemajeureclauseexample/ | Felhaber Larson | (612) 3738559 | email@example.com
A force majeure clause is sometimes known as an “act of God clause.” So, it’s an event that occurred outside the control of the parties. The biggest example of force majeure clause in our lifetime is 9/11. So, nobody anticipated 9/11 would happen; air travel got shut down for an entire week. I had a client who had a vendor who was trapped in South Carolina, couldn’t get back up here; the project was delayed a week. That was a force majeure. And then, the whole project got delayed a week. There wasn’t – a penalty wasn’t imposed. It had, actually, in it a per diem penalty provision if the project wasn’t completed on time. Because of this – in this case, act of God, or everything outside our control – the court – we had a force majeure provision in there that allowed them to not enforce those provisions.
And they’re very common in all kinds of contracts – not only construction contracts, but even purchase and sale of equipment; all kinds of other contractual obligations – to deal with the unexpected.
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Force Majeure Clauses Hard to Invoke, Even in Pandemic
Covid19 has shuttered businesses, wreaked havoc on the economy, and disrupted contractual agreements worldwide. As parties assess the fallout, many legal teams are exploring whether to turn to a rarely tested section of their contracts: the force majeure, or act of god, clause. Reserved for relieving parties from their obligations due to extraordinary events that make contract performance impossible — such as extreme weather, war, or terrorism — force majeure is notoriously difficult to invoke. Bloomberg Law explains the force majeure clause in this video, featuring Bloomberg Law’s Ellen M. Gilmer and University of Colorado Law Professor Andrew Schwartz. (Senior Producer: Andrew Satter; Executive Producer: Josh Block)
Editor’s note: The NBA contract stipulates the league can dock 1/92.6 of a player’s seasonal salary per canceled game. For the purposes of force majeure, the league considers a season to consist of five preseason games, 82 regularseason games and 5.6 playoff games.
The Four Fundamental Forces of nature – Origin \u0026 Function
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if you took a notebook, a plastic bottle, a toaster, and a glass container and burned them in a fire hot enough, around 10^31 degrees Celsius, all the particles and forces, would become one entity. This is what is believed to have existed at the moment of the big bang.
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All matter is composed of 6 quarks and 6 leptons and their 12 antiparticle pairs. But matter is subject to 4 fundamental forces that result in every action in the universe. These 4 forces are the strong force which binds the nuclei of atoms together, the weak force which is responsible for some kinds of radioactivity, electromagnetism responsible for the root cause of chemistry, and gravity which binds us to the earth.
The best way to understand this and how these forces emerged is to visualize what happened at the big bang, when everything was one. Time began at the smallest time, Planck time, 10^43 seconds. We are ignorant of anything that might have occurred prior to this 1st epoch of existence, called the Planck Epoch.
All the forces and particles were in a point smaller than the size of a proton. Gravity separated from everything else, as it was the first force to separate out from the other 3 forces. The temperatures at this stage were 10^31 degrees Celsius, and the energies were in the range of 10^19 giga electron volts. The strings of string theory and the loops of loop quantum gravity, if those theories are correct, come into existence here.
The next era, called the Grand Unified epoch lasts from the first Planck second up to about 10^35 seconds. The Strong and weak force and electromagnetism were all unified. But shortly after this period, the strong force separated from the other two electromagnetism and the weak force, which were united as one force called the electroweak force. Temperatures were now around 10^26 degrees Celsius. Cosmic inflation occurred. The universe which went from tinier than the size of a proton to the size of a grapefruit.
At 10^12 seconds, called the quark epoch, the electroweak force split into the weak force and electromagnetism. So at this point, all the 4 forces became distinct. The temperature of the universe cooled to 10^15 degrees Celcius, and energies are about 100 GeV. We know a lot about the universe up to this era because such energy levels can be modeled in particle accelerators. The Higgs field exists at this stage.
That brings us to today, 13.8 billion years later, where the average temperature of the universe is 270 degrees C, and energy is 0.25 eV
Gravity and electromagnetism are similar in that their mathematical formulas look nearly identical. Newtons law of universal gravitation is F= G Mm/r^2 . were G is Newton’s gravitational constant. Coulomb’s law of electric force between charged bodies is F = k Qq/r^2 where k is Coulomb’s constant.
This means that the earth has a gravitational effect not just on the moon, but also some effect on every other massive object in the universe. This is a very small effect, but it is non zero. And since gravity effects all masses, this effect is the most influential force on a cosmic scale.
But the electrostatic force between charges also extends infinitely far away. And this force is much greater than the force of gravity 10^36 times greater. So why isn’t electromagnetism the most dominant force in the universe? …because on large scales electric charges of most objects tend to cancel each other out. Large objects tend to be neutral. If large things were not electrically neutral, this force would completely dominate the universe. But Electromagnetism still has a big influence. It is the basis of all chemistry.
So if electromagnetism is so strong, then what keeps multiple protons bound in the nucleus of atoms? They are kept glued together with a force one hundred times stronger, the strong nuclear force. However, it extends only as far as the width of a proton. This force is not simply the opposite of electromagnetism because it also holds electrically neutral atoms in the center of atoms.
The release of this force is the energy behind nuclear bombs. The fission and fusion of atoms releases huge amounts of binding energy from the nucleus, which results from the strong force. It is also responsible for most of the mass of any object, not the Higgs Field.
The weak force is responsible for beta radiation, which is the emission of electrons or positrons. One of the most important processes in nature is the beta decay of a neutron. If this decay did not occur, then the universe would have been full of neutrons, and no atoms would have ever formed. And we would not have life. But it’s effective length is only about one thousandth the diameter of a proton.
Arbitration Clauses Force Majeure
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The Largest Economic Empire In The World Today…And No One Knows About It.
When you think about the most valuable companies in the world, you probably think of companies like Apple, Amazon, or Microsoft.
But, for most of the last 2 decades, none of those companies were even close to being the most valuable company in the world. That’s because, that title was held by a company that many people haven’t heard of. Its a company that has been quietly influencing the worlds superpowers, and your daily life, more than any other…
The Year is 1914. World War 1 was underway with the allies facing off against the axis powers. But right when the war began, the allies knew they had one key advantage. You see, this was right around the time of the mass production of combustion engine vehicles. So that also meant this was the first war that featured motorized transportation vehicles, tanks, armored cars, planes, ships, trucks, and trains…manyl of which relied upon one thing. Oil.
And fortunately for the allies, they had disproportionate control over the worlds oil supply. In fact, the axis powers controlled only 3% of the worlds oil at the time, while the allies, controlled about 90% of the worlds oil supply. And of that 90%, almost all of it was controlled by the united states, and nearly 90% of the united states oil was controlled by a giant…recently broken up company, called Standard oil.
So, in a sense, standard oil was able to help swing the tides of world war one by supplying britain, france, and eventually, the americans, with all the oil they needed to maintain a strong military force, while abstaining from trade with that of the axis powers.
And it was this act, of supplying the allies with oil, that made businesses and world leaders around the globe realize, that whoever controlled the worlds oil, could control the worlds balance of economic and militaristic power.
And so began the age of oil exploration.
A few years later in 1922, a new zealand military engineer named Frank Holmes thought that the middle east could be a good place to look for potential oil deposits, as no one had actually bothered to look for oil there yet.
So, he was able to get some support from the king of saudi arabia, and by 1924, he had found…no signs of oil. But he persisted. He got approval to search for oil in Bahrain, he then got funding from an american company called SoCal which was a branch of the american company standard oil, and in 1932, after 10 long years of looking for oil in the middle east, the new zealander and standard oil had finally found oil.
And because of this success, the company was able to strike a deal with saudi arabia in order to explore the rest of the country for more oil deposits. So the search continued, the didn’t find much over the next two decades or so, and the oil exploration in saudi arabia was starting to lose some steam. In fact, SoCal had sold off a large portion of its saudi arabia oil business to other american oil companies like texas oil and standard oil of new jersey.
And by the way, its worth noting at this point that standard oil of california, texas oil, and standard oil of new jersey would soon change their names to Chevron, Texaco, and Exxon. And these companies decided to change the name of their saudi arabian oil venture to ARAMCO.
By 1949, Saudi Arabia looked like it might not have as much oil as ARAMCO thought. And after the passing of world war 2, and the resurgence of the importance of oil in warfare, ARAMCO looked like they may never find what they were truly looking for in the middle east.
But then, the 1950s happened. On a fateful day in 1951, ARAMCO discovered the largest offshore oil field in the world in the persian gulf. Six years later, the company discovered the largest onshore oil field in the world, called the ghawar field. And this was when things started to change for ARAMCO.
You see, at this point, ARAMCO was still largely owned by American companies, and split the profits with the saudi arabian government. But over the next few decades, as more and more oil was discovered, the saudi arabian government wanted full control over the oil production that occurred in their territory.
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