What is the name of your state (only U.S. law)? I am from UAE.
We signed a commercial supply contract with a "force majeure" clause in it, in June 2008 for supply of steel for delivery during September 2008. However due to the global financial downturn the prices plummeted 65% down in August 2008. Before we received supplies we requested for a renegotiation of prices.
I want to verify whether the financial crisis and its after effects on the material prices can be viewed as a "Force majeure" to renegotiate the supply price of the contract.
We signed a commercial supply contract with a "force majeure" clause in it, in June 2008 for supply of steel for delivery during September 2008. However due to the global financial downturn the prices plummeted 65% down in August 2008. Before we received supplies we requested for a renegotiation of prices.
I want to verify whether the financial crisis and its after effects on the material prices can be viewed as a "Force majeure" to renegotiate the supply price of the contract.