y2k real estate clausegreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
i am in the process of relocating one of our satellite offices from a corporate park to a more easily accessible and hopefully more controllable y2k environment.
regardless of my confidence in our ability to maintain the new location in the coming year i am requesting that the management company include a y2k "out" clause in our new lease.
as no one had requested such a clause prior to my asking the management company ask that i draft the requested clause. when i approached our corporate attorney for the necessary verbiage. as well as the points that i should cover... i drew a blank stare.
can anyone on this forum point me in the right direction? it appears as though i am going to have to draft my own "out" clause.
i know that i have seen these referred to somewhere? over the course of the past two years... i just can't remember where.
-- marianne (firstname.lastname@example.org), November 30, 1999
Oh, yeah, good point -- use FEMA's...if there are more than 56 national incidents ....
-- Hokie (email@example.com), November 30, 1999.
You are looking for a "force majure" clause or some variation of one.
They have been showing up in banking agreements, and there was even one in a lease agreement for some equipment I recently obtained.
Basically it state that the bank or seller or lessor is excused from having to perform it's obligations under the contract if extreme forces or a situation beyond their control occur. Sort of like life insurance refusing to pay out for victims of war---too many potential claimants.
I didn't like seeing the force majure clause in that lease contract, but what the heck, if it's bad enough that they think they want to be excused, they can just come and get the item if it's bad enough that I can't pay.
-- JIT (firstname.lastname@example.org), November 30, 1999.