Force Majeure After 9/11: New Issues In A New World
- Topics:
- Strategic Management Tools
- Source:
- Everest Group
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Overview: It was realized after the September 11 attacks on America that Majeure need to be forced into. The "cause" problem has to do with the causes of force majeure, or the composition of the force majeure themselves. The reality now is that force majeure events are not as unlikely to occur as one may have thought in the past, and any one of these force majeure events may affect service provider and affect the company. This article provides new ways to look at force majeure. These ways are to reclassify the current litany of force majeure events as either being and to create a particular set of obligations and actions. Although the occurrence of a force majeure event technically relieves both parties of their performance, the practical effect is that the buyer has assumed all of the risk because it now has no service. The buyer should not assume all the risk if an unforeseeable event occurs. The new provisions should apportion risk equitably between both buyer and service provider.
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Format: HTML | Date: Feb 2003 | Pages: 1
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