Define: Escape Clause

Escape Clause
Escape Clause
Quick Summary of Escape Clause

An escape clause is a provision in a contract that allows one or both parties to terminate the agreement under certain specified conditions, typically before the completion of its term. This clause provides a way out of the contract if specific circumstances arise that make it difficult or undesirable for one party to fulfil their obligations. Escape clauses are commonly included in contracts to provide flexibility and protection to the parties involved in case unforeseen events occur. They outline the conditions under which the contract can be terminated and often include details such as notice requirements and any penalties or consequences for invoking the clause.

What is the dictionary definition of Escape Clause?
Dictionary Definition of Escape Clause
n. a provision in a contract which allows one of the parties to be relieved from (get out of) any obligation if a certain event occurs.
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This glossary post was last updated: 28th March, 2024.

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