Legitimate Delay Clause Samples
The Legitimate Delay clause defines circumstances under which a party is permitted to postpone performance of its contractual obligations without penalty. Typically, this clause applies when delays are caused by events beyond a party’s reasonable control, such as natural disasters, government actions, or other unforeseen disruptions. By specifying what constitutes a legitimate delay and the procedures for notifying the other party, this clause helps prevent disputes and allocates risk fairly when unavoidable setbacks occur.
Legitimate Delay. The Custodian may delay the processing of any investment transaction due to a force majeure (cause or event outside the reasonable control of the parties or that could not be avoided by the exercise of due care, such as an act of God or any mechanical, electronic or communications failure), government or NSCC restrictions or changes, exchange, market or NSCC rulings, strikes, interruptions of communications or data processing services, or disruptions in orderly trading on any exchange or market.
Legitimate Delay. The Custodian may delay the processing of any investment transaction due to a Force Majeure, government or NSCC restrictions or changes, exchange, market or NSCC rulings, strikes, interruptions of communications or data processing services, or disruptions in orderly trading on any exchange or market.
Legitimate Delay. The Trustee may delay the processing of any investment transaction for any legitimate business reason (including, but not limited to, failure of systems or computer programs, failure of the means of the transmission of data, Force Majeure, the failure of a service provider to provide timely values or prices or to correct for any errors or omissions).