Adjustment of an unfair contract term Sample Clauses

Adjustment of an unfair contract term. By virtue of Section 36 of the Finnish Contracts Act (228/1929, as amended, in Finnish: laki varallisuusoikeudellisista oikeustoimista), a provision in an agreement may be adjusted or set aside (by a court) if the provision is considered unreasonable or if the enforcement of such provision would lead to an unreasonable result. The wording of the relevant section is: If a contract term is unfair or its application would lead to an unfair result, the terms may be adjusted or set aside. In determining what is unfair, regard shall be had to the entire contents of the contract, the position of the parties, the circumstances prevailing at and after the conclusion of the contract, and to other factors. If a term referred to in paragraph 1 is such that it would be unfair to enforce the remainder of the contract after the adjustment of the term, the rest of the contract may also be adjusted or declared terminated. When determining the question of whether a provision is unreasonable or not, a court shall, according the Contracts Act, evaluate the agreement as a whole, the relationship between the parties and the circumstances during which the contract was made and those prevailing thereafter. Generally, a provision considered unreasonable under the Contracts Act is modified only to such an extent as to make the contractual relationship balanced and reasonable. Therefore, neither the contract nor the provision as such is usually void, but only amenable until a level of balance and fairness is reached. We note that the ISDA Master Agreements are governed by either New York, English law, French law or Irish law. This means that, in principle, Finnish law would not apply to the ISDA Master Agreements. However, regardless of the choice of law provision in the ISDA Master Agreement, in the event that the ISDA Master Agreement were brought before Finnish courts, Section 36 of the Contracts Act might, due to its mandatory nature, be applied to the ISDA Master Agreement. We are of the opinion that it is not likely that the ISDA Master Agreements would be subject to adjustment or set aside under Section 36 of the Contracts Act. This opinion is based on the fact that the principle of contractual freedom is the basic rule in Finnish contract law, and the adjustment by a court under Section 36 of the Contracts Act, is, in practice, unusual. Under Section 36 of the Contracts Act, Finnish courts have the ability, not the obligation, to adjust a contract. The reasons for the adjust...
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Related to Adjustment of an unfair contract term

  • Unforeseen and Emergency Scheduled RDO work where Notice not Provided (a) If notice is not provided by the Employer in accordance with clause 38.8(c) and 38.8(d) then the affected Employees, in addition to accrued entitlements, will be paid as if they were undertaking Public Holiday Work in accordance with clause 39.9 of this Agreement.

  • Understanding, Fair Construction By execution of this Addendum, the parties acknowledge that they have read and understood each provision, term and obligation contained in this Addendum. This Addendum, although drawn by one party, shall be construed fairly and reasonably and not more strictly against the drafting party than the nondrafting party.

  • CONDITIONS FOR EMERGENCY/HURRICANE OR DISASTER - TERM CONTRACTS It is hereby made a part of this Invitation for Bids that before, during and after a public emergency, disaster, hurricane, flood, or other acts of God that Orange County shall require a “first priority” basis for goods and services. It is vital and imperative that the majority of citizens are protected from any emergency situation which threatens public health and safety, as determined by the County. Contractor agrees to rent/sell/lease all goods and services to the County or other governmental entities as opposed to a private citizen, on a first priority basis. The County expects to pay contractual prices for all goods or services required during an emergency situation. Contractor shall furnish a twenty-four (24) hour phone number in the event of such an emergency.

  • Basis for Determining Interest Rate Inadequate or Unfair In the event that Agent or any Lender shall have determined that: (a) reasonable means do not exist for ascertaining the Eurodollar Rate applicable pursuant to Section 2.2 hereof for any Interest Period; or (b) Dollar deposits in the relevant amount and for the relevant maturity are not available in the London interbank Eurodollar market, with respect to an outstanding Eurodollar Rate Loan, a proposed Eurodollar Rate Loan, or a proposed conversion of a Domestic Rate Loan into a Eurodollar Rate Loan, then Agent shall give Borrowing Agent prompt written, telephonic or telegraphic notice of such determination. If such notice is given, (i) any such requested Eurodollar Rate Loan shall be made as a Domestic Rate Loan, unless Borrowing Agent shall notify Agent no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the date of such proposed borrowing, that its request for such borrowing shall be cancelled or made as an unaffected type of Eurodollar Rate Loan, (ii) any Domestic Rate Loan or Eurodollar Rate Loan which was to have been converted to an affected type of Eurodollar Rate Loan shall be continued as or converted into a Domestic Rate Loan, or, if Borrowing Agent shall notify Agent, no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the proposed conversion, shall be maintained as an unaffected type of Eurodollar Rate Loan, and (iii) any outstanding affected Eurodollar Rate Loans shall be converted into a Domestic Rate Loan, or, if Borrowing Agent shall notify Agent, no later than 10:00 a.m. (New York City time) two (2) Business Days prior to the last Business Day of the then current Interest Period applicable to such affected Eurodollar Rate Loan, shall be converted into an unaffected type of Eurodollar Rate Loan, on the last Business Day of the then current Interest Period for such affected Eurodollar Rate Loans. Until such notice has been withdrawn, Lenders shall have no obligation to make an affected type of Eurodollar Rate Loan or maintain outstanding affected Eurodollar Rate Loans and no Borrower shall have the right to convert a Domestic Rate Loan or an unaffected type of Eurodollar Rate Loan into an affected type of Eurodollar Rate Loan.

  • PREVAILING WAGE RATES - PUBLIC WORKS AND BUILDING SERVICES CONTRACTS If any portion of work being Bid is subject to the prevailing wage rate provisions of the Labor Law, the following shall apply: