Statutory Exemption Clause Samples
A Statutory Exemption clause defines circumstances under which a party is excused from complying with certain contractual obligations due to requirements or protections established by law. In practice, this clause applies when a statute, regulation, or government order overrides or conflicts with the terms of the contract, such as when a law prohibits a specific contractual action or mandates a different procedure. Its core function is to ensure that the contract remains legally compliant and to protect parties from liability or breach when following the law necessitates deviation from the contract's terms.
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Statutory Exemption. If the Company is granted an exemption, or an exemption is applicable to the Company, in relation to any obligation imposed upon the Company by or pursuant to the Financial Reporting ▇▇▇ ▇▇▇▇, the FMCA, the FMC Regulations or the Listing Rules which is materially the same or analogous to any obligation of the Company under this Deed, a Series Supplement or any Bonds then provided two Authorised Officers of the Company certify that such amendment, temporary variation or waiver will not have a material adverse effect on the Company or be materially and adversely prejudicial to the general interests of Bondholders, the Supervisor may:
(a) agree to amend or temporarily vary this Deed, provided that the Supervisor complies with clause 10.5 (Amendments) and any other applicable law; or
(b) waive any breach or anticipated breach of such obligation in a manner which is consistent with the relevant exemption.
Statutory Exemption. Pub. Resources Code § 15262 Common Sense Exemption - Cal. Code Regs., tit. 14, § 15061(b)(3) Additionally, this project falls under this exemption because there is no possibility that the research and development of solicitations for early state energy concepts may have a significant effect on the environment.