In laymens terms, Force Majeure describes any event which is out of your control. This can apply to every party involved in the transaction. Some common examples include storm or flooding events, bushfire, crime etc.
Key area's to be aware of:
- If a vendor is impacted by a force majeure event, and cannot deliver a lot within the defined delivery dates – the buyer may cancel the sale or agree to a later delivery date.
- If a buyer is impacted by a force majeure event, and cannot take delivery within the defined delivery dates – the vendor may cancel the sale or agree to a later delivery date.
- The vendor may charge reasonable agistment should the purchaser agree to delay delivery until it can occur.
- Any alterations to the contract of sale, particularly with regards to the condition of the lot, must be agreed in writing by both parties at the time of the agreement to delay delivery.
Further information surrounding Force Majeure is found on Page 35 in the AuctionsPlus User Agreement.