The following Commercial precedent provides comprehensive and up to date legal information covering:
means[, subject to clause [1.6 OR 1.7],] a [fundamental OR material] change in the balance of a party’s benefits and obligations under this Agreement caused by a[ legal, technical, political, economic or financial] event (or events) that occurs[ or the impact of which becomes known to the affected party] during the term of this Agreement which:
is not a [insert (eg ‘Force Majeure Event’ or ‘circumstance to which clauses [X] or [Y] relate’)];
[except in the case of the circumstances referred to in [insert reference eg to clause 1.6 or 1.7 if appropriate], ]could not reasonably have been anticipated, mitigated against or avoided by the Disadvantaged Party at the time of execution of this Agreement;
is beyond the control of [the Disadvantaged Party]; and
the risk of which is not otherwise assumed[ (expressly or by implication)] by [the other party OR the Disadvantaged Party] under this Agreement.
means, in relation to a Hardship, the party (or parties) to this Agreement that suffered (or reasonably anticipates suffering) a detrimental change to its benefits and/or obligations under this Agreement caused by the Hardship;
In the event of Hardship a Disadvantaged Party (or where both parties are Disadvantaged Parties, each party) may submit a request to the other party to renegotiate such provisions of this Agreement that are affected by the Hardship (the
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