Term Extension – Third Party Issues Sample Clauses
The 'Term Extension – Third Party Issues' clause allows for the extension of a contract's duration if delays or complications arise due to issues involving third parties. In practice, this means that if a project or agreement is held up because of actions, approvals, or failures by entities not directly party to the contract—such as government agencies, subcontractors, or suppliers—the original term of the contract can be extended to accommodate these delays. This clause ensures that neither party is unfairly penalized for circumstances outside their control, providing flexibility and reducing the risk of breach due to third-party-related delays.
Term Extension – Third Party Issues. Notwithstanding the Parties’ expectation that there will be no limit or moratorium upon the Project’s development or the issuance of building or other development related permits (a “Development Limitation”) during the Term, the Parties understand and agree that various third parties may take action causing a de facto Development Limitation. Consequently, the Term shall be extended for any delay arising from or related to any of the potential Development Limitations that follow in the subsections below for a time equal to the duration of that delay occurring during the Term. No Development Limitation may arise or result from an action or omission by Developers.
Term Extension – Third Party Issues. Notwithstanding the Parties' expectation that there will be no limit or moratorium upon the Project's development or the issuance of building or other development related permits (a "Development Limitation") during the Term, the Parties understand and agree that various third parties may take action causing a de facto Development Limitation. Consequ_ently, the Term shall be extended for any delay arising from or related to any of the potential Development I 18264891.2 0041755-00001 Limitations that follow in the subsections below for a time equal to the duration of that delay occurring during the Term. No Development Limitation may arise or result from an action or omission by Developers.