escape clause - meaning and definition. What is escape clause
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What (who) is escape clause - definition

PORTION OF A CONTRACT WHICH SPECIFIES HOW A PARTY MAY BE PERMITTED TO AVOID FULFILLING ONE OR MORE TERMS
Exit clause; Walk away clause; Contract Escape clause; Termination Clause; Get-out clause; Satisfaction clause

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.
Escape Clause         
· A provision within the GATT (Article XIX) that allows a country try to suspend tariff or other concessions when certain imports injure or threaten to injure domestic producers of competitive goods or services. Section 201 of The Trade Act of 1974 codifies Article XIX in U.S. law.
· The escape clause, which can be invoked under GATT Article XIX, allows countries to temporarily violate their GATT obligations to the degree and time necessary to protect a domestic industry from serious injury. Countries taking such actions, however, must consult with affected contracting parties to determine appropriate compensation for the violation of GATT rights, or be subject to retaliatory trade actions. Section 201 of the Trade Act of 1974 requires the U.S. International Trade Commission to investigate complaints filed by domestic industries or workers claiming that they are injured or threatened by rapidly rising imports. Section 203 of the Act provides that if the ensuing investigation establishes that the complaint is valid, relief may be granted in the form of adjustment assistance, which may be training, technical, and financial assistance, or temporary import restrictions in the form of tariffs, quotas, tariff rate quotas, and/or orderly marketing agreements. Import restrictions imposed under the escape clause authority are limited in duration. They may last no longer than five years but can be extended by the President for a three-year period.
escape clause         
¦ noun a contract provision which specifies the conditions under which a party can be freed from an obligation.

Wikipedia

Escape clause

An escape clause is any clause, term, or condition in a contract that allows a party to that contract to avoid having to perform the contract.

If an agreement was drawn up for the sale of a house, for example, the purchaser could include some kind of escape clause in the contract, which will allow him to "escape" from the contract without being liable for breach of contract.

Examples of use of escape clause
1. FT: You‘ve got the escape clause of the future fund of course.
2. But, she asked, what about people who don‘t have money or options or an escape clause?
3. John Howard: It‘s not really an escape clause because we lose control over anything that‘s in the future fund.
4. How police rammed protesters‘ dinghy G8 climate deal gives the big polluters an escape clause Bush decided to meet French President Nicolas Sarkozy in his private quarters.
5. TARGETED RELEASE This weekend, Borat will compete with The Santa Clause 3: The Escape Clause and animated adventure Flushed Away, opening in 3,458 and 3,707 theaters, respectively.