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Force Majeure
Force majeure refers to events that happened during a particular period of time which cannot be foreseen, causing plans to be reconsidered and reviewed.
One of the most common occurrences of force majeure is in major construction projects. The scheduled time of completion of such projects are often delayed due to weather, lack of materials, worker strikes, acts of god, etc.
A sudden spike in raw material costs can also often bring projects to a standstill because the builder don’t have the cash flow to carry on and the landowner has bust his budget.
When the chief reason for delays or failure are due to unavoidable events that are outside the control of the parties involved, force majeure occurs.
Do note that they can also happen with smaller scale construction of homes and remodeling. But the magnitude of delays will be minute compared to buildings.
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