gibson guitar recently ran short of the indian rosewood they use to manufacture their premium guitars due to a new law in india limiting exports of indian rosewood. due to delays, customers began threatening to cancel the contracts. what prevision in their contracts might be important to help gibson avoid being sued for breach of contract until they can get the materials they need?

Question

20-12-2022
Business

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gibson guitar recently ran short of the indian rosewood they use to manufacture their premium guitars due to a new law in india limiting exports of indian rosewood. due to delays, customers began threatening to cancel the contracts. what prevision in their contracts might be important to help gibson avoid being sued for breach of contract until they can get the materials they need?

Answer :

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RioSengupta RioSengupta · Answer 1 · 2022-12-25T07:49:17-05:00

Force Majeure is a provision in their contracts that may be significant in preventing Gibson from being sued for breach of contract until they can obtain the supplies they require. Hence, the correct answer is Force Majeure.

What exactly is a force majeure?

A force majeure clause is a common contract clause that releases both parties from liability or obligation when an extraordinary event or circumstance beyond the parties' control, such as war, strike, riot, crime, epidemic, or sudden legal changes, prevents one or both parties from fulfilling their contractual obligations. Any occurrence characterized as an act of God that transcends many realms and differs legally but is nevertheless important to contract law is expressly excluded. In reality, most force majeure regulations postpone a party's failure to comply for the length of the force majeure rather than totally absolving it.

To learn more about Force Majeure, click

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