Common use of Domestic Entity Clause in Contracts

Domestic Entity. Refers to an individual or a sole proprietor who is a citizen of the Philippines or a partnership, corporation, cooperative, or association duly organized under the laws of the Philippines and of which at least seventy-five percent (75%) of the interest or outstanding capital stock belongs to citizens of the Philippines, habitually established in business and habitually engaged in the manufacture or sale of the merchandise covered by his bid, and the business has been in existence for at least five (5) consecutive years before the advertisement and/or posting of the Invitation to Bid. Force majeure. Refers to any circumstance beyond the control of any party which directly prevents the party from performing its obligations under this Contract such as, but not limited to extraordinary weather conditions, fires, earthquakes, or other natural calamities, valid work stoppage, or suspension, orders of the government, civil disorder, war, and other hostilities. For purposes of this Contract, the terms: “force majeure” and “fortuitous event,” may be used interchangeably.

Domestic Entity. Refers to an individual or a sole proprietor who is a citizen of the Philippines or a partnership, corporation, cooperative, or association duly organized under the laws of the Philippines and of which at least seventy-seventy five percent (75%) of the interest or outstanding capital stock belongs to citizens of the Philippines, habitually established in business and habitually engaged in the manufacture or sale of the merchandise covered by his bid, and the business has been in existence for at least five (5) consecutive years before prior to the advertisement and/or posting of the Invitation to Bid. Force majeure. Refers to any circumstance beyond the control of any party which directly prevents the party from performing its obligations under this Contract such as, but not limited to extraordinary weather conditions, fires, earthquakes, or other natural calamities, valid work stoppage, or suspension, orders of the government, civil disorder, war, and other hostilities. For purposes of this Contract, the terms: “force majeure” and “fortuitous event,” may be used interchangeably.