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- DictionaryEs·cape clause/əˈskeɪp/
noun
- 1. a clause in a contract that specifies the conditions under which one party can be freed from an obligation.
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- An escape clause is a provision in a legal contract that allows one or both parties to terminate or modify the agreement under certain circumstances. It gives them a way to "escape" from the contract if specific conditions are met.
An escape clause, commonly known as an 'exit provision,' is a contractual term that allows one or both parties to legally terminate or modify the agreement under specific circumstances.
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An escape clause, also known as a termination clause or exit clause, is a contractual provision that allows one or both parties to terminate or modify their obligations under the contract under certain circumstances.
Apr 13, 2018 · How does the ESCAPE CLAUSE work? An escape clause is written into the offer (Agreement of Purchase and Sale) for the benefit of the Seller, usually because the Buyer is requesting 15 or more days on one or more conditions.
An escape clause is a contractual provision that absolves one party to the contract of performance under specific conditions. An escape clause relieves one party of liability for nonperformance if certain conditions are met. Insurance policies frequently contain escape clauses.
Jan 17, 2024 · What does the VA Escape Clause do? In the event the reasonable value established by VA is less than the contracted purchase price, the VA Escape Clause provides a mechanism for the Veteran buyer to: negotiate with the seller to reduce the purchase price, or
What Is an Escape Clause? In terms of labor laws, escape clauses are provisions included in member union contracts that allow members to exploit an "escape period," which is a period of time in which they may choose to leave the union without repercussions.
May 16, 2024 · An escape clause is a clause in a contract which allows a party to break the contract without penalty under certain situations. Escape clauses are designed to prevent people from feeling like they are forced into complying with a contract when circumstances change.
