Test yourself

Read the extract from a loan agreement below. Type missing words to complete the gaps. (TA S9)

Force (2 p.) . Neither Party will be liable for any failure to perform its obligations hereunder, other than payment obligations, due to unforeseen circumstances or causes (2 p.) the Party’s reasonable control, including, without (2 p.) , acts of (2 p.) , war, riot, embargoes, acts of civil or military authorities, acts of terrorism or sabotage, electronic viruses, worms or corrupting microcode, fire, flood, earthquake, accident, strikes, radiation, inability to secure transportation, failure of communications or electrical lines, facilities, fuel, energy, labour or materials. In an (2 p.) of force majeure, either Party’s time for delivery or other performance will be extended for a period equal to the duration of the delay caused thereby.

The Party (2 p.) to the force majeure shall

(A) give notice of suspension of its obligations as soon as (1 p.) practicable stating the date and extent of such suspension and the cause thereof,

(B) use its best (2 p.) to remedy or remove such force majeure with the least practicable delay, and

(C) resume the performance of its obligations as soon as reasonably practicable after the remediation or removal of the cause.

(2 p.) anything to the contrary herein, if an event of force majeure can reasonably be expected to prevent the affected Party from performing its (2 p.) for a period of at least six (6)months, then the other Party may terminate this Agreement upon not less than fifteen days written (2 p.) to the affected Party.