Force Majeure
Definition of "Force majeure"
An unpreventable, overwhelming, and irresistible force. It is common to place a force majeure clause in a construction contract to indemnify a construction deadline in the event an act of God should occur which prevents a timely completion of the contract. For example, a contractor places a force majeure clause in a contract for the construction of a building which is to be completed within nine months. Due to an unexpectedly cold winter, the project had to be delayed three months.
Popular Real Estate Terms
Measures looking at the past, current a future direction of the economy. They may have an impact on the real estate market. Each month government bodies, including the Federal Reserve ...
A clause in a document forbidding an individual from selling or transferring the subject property to another. Frequently, nonalienation clauses are used in a trust where the grantor of the ...
A stated of years. The length of time something is effective, such as a two-year rental. A condition specified in an agreement. An example is that the tenant must not have a cat in ...
Commissions received by a syndicator when real property is sold. The fees typically occur after the investors receive their initial investment plus the specified return. ...
English-style home. It is usually 2-stories high. The roof is of a hip type. The chimney is on the side of the home. ...
Arches, either roofed or open, mounted on a series of pillars to form a passageway or walkway. ...
Wood panels on a wall. ...
A ground lease that includes only the cost of leasing the land for a period of years. Normally, a land lease is valid for an extended period of time anticipating that improvements will be ...
A group of investment bankers underwriting and distributing a new or outstanding issue of securities of a real estate business. a professionally managed limited partnership investing in ...
Have a question or comment?
We're here to help.