Risk glossary

 

Force majeure

A contract clause that allows the supplier to forego his obligation to supply in extreme circumstances, such as a political crisis, war or strikes that disturb production. It also applies to a buyer that is unable to take delivery of product – for example, a refiner whose refinery is shut down following a fire or disaster.A contract clause that allows the supplier to forego his obligation to supply in extreme circumstances, such as a political crisis, war or strikes that disturb production. It also applies to a buyer that is unable to take delivery of product – for example, a refiner whose refinery is shut down following a fire or disaster.

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