Termination for Catastrophe Clause Samples
The Termination for Catastrophe clause allows either party to end the contract if a major, unforeseen disaster or event occurs that makes fulfilling the agreement impossible or impractical. This clause typically applies to situations such as natural disasters, war, or other large-scale emergencies that disrupt normal business operations. Its core function is to provide a clear exit mechanism for both parties in the face of extraordinary events, thereby allocating risk and preventing unfair obligations when circumstances are beyond anyone's control.
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Termination for Catastrophe. In event of Catastrophic Damage, this contract may be modified un- der B8.32, following rate redetermination under B3.32, or terminated under this Subsection. Such termination shall not be considered a termination under B8.34. B8.221 Termination by Purchaser. This contract shall be terminated, upon election and written notice by ▇▇▇▇▇▇▇▇▇, if Catastrophic Damage rate rede- termination under B3.32 shows that the appraised weighted average Indicated Advertised Rate of all In- cluded Timber remaining immediately prior to the catas- trophe has been reduced through Catastrophic Damage
(a) Interest at the Current Value of Funds Rate established by the Secretary of the Treasury, on Current Contract Value of timber remaining on Sale Area, less the credit balance of any deposit made pursuant to B4.213, as of the original Termination Date, or as adjusted pursuant to B8.21 or B8.212, until the midpoint of the extension period;
(b) Increased costs of regeneration, including nursery stock loss, carryover, or replacement costs; and
(c) Costs of remarking timber on Sale Area, reestablishing cutting unit boundaries, and/or remarking areas requiring protection on Sale Area.
(a) At least 75 percent of estimated volume in A2 has been cut and removed from Sale Area.
(b) Specified Roads needed by Purchaser for re- moval of all Included Timber, in accordance with the ap- proved Plan of Operations submitted pursuant to B6.311, were constructed and accepted by Forest Service prior to the applicable road completion date shown in C5.13.
(c) Purchaser’s Operations to date have been in rea- sonable compliance with contract terms and the approved Plan of Operations under B6.311.
(d) All contractual requirements have been met by Purchaser and accepted by Forest Service on area cut over at time of Purchaser’s request, except for areas where logging is in progress at time of Purchaser’s re- quest. Purchaser’s burning of current slash or seeding or planting for erosion control may be temporarily waived, if weather or other considerations make such work imprac- tical.
(e) Any payment required under B4.213 has been made. Contract Term Extension shall not become effective, unless payments required by B8.23 have been paid and the initial Extension Deposit required by B4.217 has been made by the effective date of any extension.
Termination for Catastrophe. In event of Catastrophic Damage, this contract may be modified un- der B8.32, following rate redetermination under B3.32, or terminated under this Subsection. Such termination shall not be considered a termination under B8.34.
Termination for Catastrophe. In event of Catastrophic Damage, this contract may be modified under BT8.32, following rate redetermination under BT3.32, or terminated under this Subsection. Such termi- nation shall not be considered a termination under BT8.34.
Termination for Catastrophe. In event of Catastrophic Damage, this contract shall be terminated without liability to either party due to the termination. “Catastrophic Damage” is major change or damage to Included Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:
Termination for Catastrophe. In event of Catastrophic Damage, this contract may be modified under BT8.32, following rate redetermination under BT3.32, or terminated under this Subsection. Such termi nation shall not be considered a termination under BT8.34. BT8.221 Termination by Purchaser. This contract shall be terminated, upon election and written notice by ▇▇▇▇▇▇▇▇▇, if Catastrophic Damage rate rede termination under BT3.32 shows that the appraised weighted average Indicated Advertised Rate of all In cluded Timber remaining immediately prior to the catas trophe has been reduced through Catastrophic Damage by an amount equal to or more than the weighted aver age Current Contract Rate. "Indicated Advertised Rates" are Forest Service esti mates of fair market value of the timber.
Termination for Catastrophe. In event of Catastrophic Damage, this contract shall be terminated without liability to either party due to the termination. "Catastrophic Damage" is major change or damage to Included Timber on Sale Area, to Sale Area, to access to Sale Area, or a combination thereof:
(a) Caused by forces, or a combination of forces, beyond control of Purchaser, occurring within a 12-month period, including, but not limited to, wind, flood, earthquake, landslide, fire, forest pest epidemic, or other major natural phenomenon and
(b) Affecting the value of any trees or products meeting Utilization Standards, within Sale Area and estimated to total either:
(i) More than half of the estimated timber volume stated on Page 1 or
(ii) More than two hundred thousand cubic feet (2,000 CCF) or equivalent.
Termination for Catastrophe. Neither party shall be liable for the failure to perform its respective obligations hereunder when such failure is caused by fire, explosion, water, act of God, civil disorder or disturbances, strikes, vandalism, war, riot, sabotage, weather and energy-related closings, governmental rules or regulations, or like causes beyond the reasonable control of such party, or for real or personal property destroyed or damaged due to such causes.