# Can the Force Majeure Waiting Period Be Extended by Mutual Agreement between Counterparties? ▴ Question

**Published:** 2025-08-04
**Categories:** Question

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## Concept

The core mechanism of a commercial agreement is predicated on the principle of mutual consent. Therefore, the extension of a [force majeure waiting period](https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) by mutual agreement between counterparties is fundamentally a question of [contract modification](https://prime.greeks.live/area/contract-modification/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). The legal architecture of most commercial contracts, governed by the doctrine of freedom of contract, permits parties to amend their own terms. Parties can always agree to an extension following the lifting of a force majeure event and amend the terms to ensure smooth performance of the remaining obligations.

The [waiting period](https://prime.greeks.live/area/waiting-period/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) itself is a negotiated creation; it is a temporal buffer designed to allow a temporary, unforeseen impediment to pass without immediately triggering [termination rights](https://prime.greeks.live/area/termination-rights/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Its duration and rules are defined within the contract, and like any other clause, it is subject to renegotiation by the involved parties.

An agreement to extend this period is, in essence, a formal acknowledgment that the original calculus of risk and time has been disrupted to a degree that requires a structural adjustment to the contract’s operational timeline. It is a strategic decision to preserve the [commercial relationship](https://prime.greeks.live/question/how-does-a-court-objectively-assess-commercial-reasonableness-in-a-derivatives-dispute/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) in the face of external shocks. The process involves a formal amendment, which must be documented in writing to be enforceable, effectively creating a new, temporary stasis period that supersedes the original clause. This act of [mutual agreement](https://prime.greeks.live/area/mutual-agreement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) reflects a shared understanding that the value of the contract’s ultimate completion outweighs the cost and uncertainty of the delay.

> A force majeure waiting period can be extended if both parties mutually agree to amend their contract, reflecting a shared strategic decision to preserve the agreement despite unforeseen delays.

This mechanism is particularly relevant in complex, long-term agreements where the cost of termination and finding an alternative counterparty is substantial. In such scenarios, the waiting period functions as a critical junction. Without an extension, the end of the waiting period typically grants the [non-affected party](https://prime.greeks.live/question/what-are-the-key-differences-between-tri-party-and-third-party-segregation-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) the right to terminate the contract. An extension, therefore, is a deliberate choice to defer this right, based on a reassessment of the situation and a belief that the [force majeure event](https://prime.greeks.live/question/what-are-the-key-differences-in-calculating-the-termination-amount-for-a-force-majeure-event-versus-an-event-of-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is temporary and that the contract remains commercially viable.

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## Strategy

The decision to extend a force [majeure waiting period](https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is a strategic fork in the road, demanding a rigorous cost-benefit analysis from both counterparties. It is a negotiation centered on risk, time, and the long-term value of the commercial relationship. The underlying contract can be structured to automatically extend the term by the number of days of any suspension due to a force majeure claim, though such extensions are often capped. For the [party declaring force majeure](https://prime.greeks.live/question/what-are-the-primary-legal-considerations-when-declaring-force-majeure-in-a-financial-contract/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (the “Affected Party”), an extension provides critical breathing room to resolve the external issue preventing performance without facing immediate contract termination and potential liability.

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## What Is the Strategic Calculus for Each Party?

For the [Affected Party](https://prime.greeks.live/area/affected-party/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), the primary strategic driver is survival. The extension allows them to keep the contract alive while navigating the disruptive event. It avoids the costs associated with termination for default, which could include damages, loss of future business, and reputational harm. However, this party must weigh the cost of keeping the contract in a holding pattern against the probability of successfully resuming performance.

Conversely, the non-affected counterparty’s decision is more complex. Agreeing to an extension signals a preference for the existing agreement over the alternatives. This might be because the market has moved in their favor, making the contracted price still advantageous, or because the costs and logistical challenges of finding a replacement supplier or customer are prohibitive. They are trading the certainty of termination for the potential of future performance, a decision that requires a high degree of confidence in the Affected Party’s ability to recover.

> Strategically, extending a force majeure waiting period is a negotiated trade-off where one party gains time to recover and the other retains the potential benefit of a valued contract, both seeking to avoid the higher costs of termination.

The negotiation itself is a delicate dance. The non-affected party may agree to an extension but demand concessions in return. These could include revised pricing, adjusted delivery schedules upon resumption, or even the right to terminate at will with a shorter notice period if the [extension period](https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) expires without resolution. The goal is to re-balance the risk that has been shifted onto them by the delay.

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## Comparative Strategic Analysis of Extension

The table below outlines the core strategic considerations for each party when contemplating an extension of the [force majeure waiting](https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) period.

| Consideration | Affected Party (Declaring Force Majeure) | Non-Affected Counterparty |
| --- | --- | --- |
| Primary Goal | Preserve the contract and avoid default. | Secure future performance or mitigate losses. |
| Key Benefit of Extension | Gains time to resolve the force majeure event. | Retains a potentially valuable contract and avoids sourcing costs. |
| Primary Risk of Extension | Incurring ongoing costs while performance is suspended. | The risk that the Affected Party will ultimately fail to perform. |
| Negotiating Leverage | The counterparty’s desire to see the contract fulfilled. | The right to terminate the contract at the end of the waiting period. |
| Alternative to Extension | Accept contract termination and face potential consequences. | Terminate the contract and seek alternative arrangements. |

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## Execution

Executing an extension to a force [majeure waiting](https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) period requires a formal, unambiguous process to ensure legal validity and operational clarity. The foundational principle is that any modification to a contract must be formally agreed upon, typically through a written amendment. This is not a matter for informal email exchanges or verbal assurances; it requires a documented protocol that leaves no room for misinterpretation. In specialized contexts like ISDA Master Agreements, which govern derivatives trading, the concept of a “Waiting Period” is precisely defined, and any deviation would require meticulous documentation.

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## The Protocol for Formal Extension

The operational playbook for extending a [force majeure](https://prime.greeks.live/area/force-majeure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) waiting period is centered on the creation of a legally sound [contract amendment](https://prime.greeks.live/area/contract-amendment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). This process ensures that the rights and obligations of both parties during the extended suspension are clearly defined.

- 
**Formal Negotiation** The party requesting the extension should initiate a formal discussion, presenting a clear rationale for the request and a realistic assessment of the ongoing force [majeure event](https://prime.greeks.live/question/what-are-the-key-differences-in-calculating-the-termination-amount-for-a-force-majeure-event-versus-an-event-of-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite).

- 
**Drafting the Amendment** The parties, or their legal counsel, must draft a formal amendment to the original contract. This document is the cornerstone of the extension and must be precise.

- 
**Execution of the Amendment** The amendment must be signed by authorized representatives of both counterparties to become legally binding. This formalizes the mutual agreement and supersedes the original contractual term.

- 
**Internal Communication** Once executed, the amendment must be communicated to all relevant internal teams (e.g. operations, finance, logistics) to ensure that actions are aligned with the new terms.

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## Key Components of a Force Majeure Extension Amendment

The amendment document is the critical output of the execution process. It must be comprehensive to prevent future disputes. The table below details the essential clauses and their functions within such an amendment.

| Clause | Purpose and Key Considerations |
| --- | --- |
| Defined Extension Period | Specifies the exact duration of the extension (e.g. “an additional 30 days”). Avoid ambiguous terms like “a reasonable period.” It may also define a new, final “drop-dead” date for termination. |
| Conditions for Further Extension | Outlines the criteria, if any, under which another extension could be negotiated. This provides a clear path forward if the disruptive event continues. |
| Updated Termination Rights | Defines the termination rights of both parties at the end of the new extension period. It may grant the non-affected party the right to terminate immediately upon expiry. |
| Allocation of Costs | Addresses how any ongoing costs incurred during the extended suspension will be handled. For instance, it may specify who is responsible for storage, maintenance, or security costs. |
| Reporting and Updates | Establishes a clear requirement for the Affected Party to provide regular, detailed updates on the status of the force majeure event and their efforts to mitigate it. |
| Preservation of Rights | Includes a statement that all other terms of the original agreement remain in full force and effect, ensuring the amendment is narrowly focused on the force majeure timeline. |

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## What Are the Best Practices for Negotiation?

A successful execution hinges on a well-managed negotiation process. Adhering to a set of best practices can prevent disputes and preserve the commercial relationship.

- 
**Proactive Communication** The Affected Party should notify the counterparty of the potential need for an extension well before the original waiting period expires.

- 
**Full Transparency** Providing detailed, verifiable information about the nature of the force majeure event and the steps being taken to resolve it builds trust and facilitates a more collaborative negotiation.

- 
**Legal Counsel Review** Both parties should have their legal teams review the proposed amendment to ensure it protects their interests and is legally enforceable.

- 
**Contingency Planning** The amendment should contemplate different outcomes, such as what happens if the force majeure event ends sooner than expected or continues beyond the new extension date.

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## References

- Squire Patton Boggs. “When Force Majeure Ends ▴ or Does Not.” Squire Patton Boggs, 2022.

- Law Insider Inc. “Extension of term due to Force Majeure Clause Samples.” Law Insider, Accessed August 5, 2024.

- Law Insider Inc. “Extension by Mutual Agreement Sample Clauses.” Law Insider, Accessed August 5, 2024.

- Macfarlanes LLP. “ISDA amends the notices, force majeure and illegality provisions of the ISDA Master Agreement.” Macfarlanes, August 17, 2023.

- Katten Muchin Rosenman LLP. “Force Majeure Clauses and Financially Settled Transactions Under the ISDA Master Agreement.” Katten, April 1, 2020.

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## Reflection

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## Recalibrating the System under Stress

The successful navigation of a force majeure event through mutual agreement is a testament to the resilience of a commercial relationship. It transforms the contract from a static document into a dynamic system capable of adapting to external pressures. The process of negotiating an extension forces a reassessment of the core value proposition of the agreement. It requires each party to look beyond the immediate disruption and model the future potential of the partnership.

The decision to extend is an investment in that future. It reflects a systemic understanding that in a complex global economy, rigidity can be a greater risk than managed flexibility. Consider how your own contractual frameworks are architected. Do they possess the procedural clarity and inherent flexibility to handle such systemic shocks, or do they default to a brittle state of termination? The answer reveals the true robustness of your operational design.

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## Glossary

<a href="https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Force Majeure Waiting Period

A force majeure waiting period transforms contractual stasis into a hyper-critical test of a firm's adaptive liquidity architecture. </a><a href="https://prime.greeks.live/area/contract-modification/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Contract Modification

Meaning ▴ Contract Modification defines the systemic process of altering the terms of an existing, active derivatives contract without terminating and re-initiating a new agreement. </a><a href="https://prime.greeks.live/area/termination-rights/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Termination Rights

Meaning ▴ Termination Rights represent contractual provisions embedded within derivatives master agreements, empowering one or both parties to unilaterally conclude the agreement and all outstanding transactions under specific, predefined conditions. </a><a href="https://prime.greeks.live/area/waiting-period/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Waiting Period

Meaning ▴ A waiting period represents a mandated temporal delay imposed before a specific system action, such as order execution or data release, can proceed. </a><a href="https://prime.greeks.live/question/how-does-a-court-objectively-assess-commercial-reasonableness-in-a-derivatives-dispute/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Commercial Relationship

A court objectively assesses commercial reasonableness by forensically examining the valuation process and its outcome against prevailing market standards. </a><a href="https://prime.greeks.live/area/mutual-agreement/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Mutual Agreement

Meaning ▴ A Mutual Agreement signifies a bilateral consensus between two parties on all precise terms of a specific transaction, preceding its final execution and settlement. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-in-calculating-the-termination-amount-for-a-force-majeure-event-versus-an-event-of-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Force Majeure Event

The calculation for an Event of Default is a unilateral risk mitigation tool; for Force Majeure, it is a bilateral, fair-value process. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-between-tri-party-and-third-party-segregation-models/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Non-Affected Party

Tri-party models offer automated, value-based collateral management by an agent, while third-party models require manual, asset-specific instruction by the pledgor. </a><a href="https://prime.greeks.live/question/what-are-the-primary-legal-considerations-when-declaring-force-majeure-in-a-financial-contract/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Party Declaring Force Majeure

Declaring force majeure in a financial contract requires a strategic and well-documented approach to mitigate risk and preserve commercial relationships. </a><a href="https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Majeure Waiting Period

A force majeure waiting period transforms contractual stasis into a hyper-critical test of a firm's adaptive liquidity architecture. </a><a href="https://prime.greeks.live/area/affected-party/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic, X-shaped object with a central circular core floats above mountains at dusk. It signifies an institutional-grade Prime RFQ for digital asset derivatives, enabling high-fidelity execution via RFQ protocols, optimizing price discovery and capital efficiency across dark pools for best execution](https://options.greeks.live/wp-content/uploads/2025/07/advanced-principal-rfq-protocol-architecture-for-institutional-digital-asset-derivatives-optimal-price-discovery-and-execution.jpg)

## Affected Party

Meaning ▴ An Affected Party denotes any entity, system, or operational component whose status, financial exposure, or functional performance is directly altered by the execution of a protocol, the occurrence of a market event, or a systemic change within a digital asset derivatives ecosystem. </a><a href="https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
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## Extension Period

A force majeure waiting period transforms contractual stasis into a hyper-critical test of a firm's adaptive liquidity architecture. </a><a href="https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A reflective sphere, bisected by a sharp metallic ring, encapsulates a dynamic cosmic pattern. This abstract representation symbolizes a Prime RFQ liquidity pool for institutional digital asset derivatives, enabling RFQ protocol price discovery and high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-institutional-digital-asset-derivatives-rfq-execution-1.jpg)

## Force Majeure Waiting

A force majeure waiting period transforms contractual stasis into a hyper-critical test of a firm's adaptive liquidity architecture. </a><a href="https://prime.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-impact-liquidity-management/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A transparent glass sphere rests precisely on a metallic rod, connecting a grey structural element and a dark teal engineered module with a clear lens. This symbolizes atomic settlement of digital asset derivatives via private quotation within a Prime RFQ, showcasing high-fidelity execution and capital efficiency for RFQ protocols and liquidity aggregation](https://options.greeks.live/wp-content/uploads/2025/07/architecting-high-fidelity-execution-for-institutional-digital-asset-derivatives-rfq-protocols-and-systemic-liquidity-aggregation.jpg)

## Majeure Waiting

A force majeure waiting period transforms contractual stasis into a hyper-critical test of a firm's adaptive liquidity architecture. </a><a href="https://prime.greeks.live/area/contract-amendment/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Segmented circular object, representing diverse digital asset derivatives liquidity pools, rests on institutional-grade mechanism. Central ring signifies robust price discovery a diagonal line depicts RFQ inquiry pathway, ensuring high-fidelity execution via Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-engine-for-high-fidelity-execution.jpg)

## Contract Amendment

Meaning ▴ A Contract Amendment represents a formal, mutually agreed-upon modification to the terms and conditions of an existing digital asset derivatives contract, executed through a defined protocol to ensure the immutability and integrity of the underlying ledger state. </a><a href="https://prime.greeks.live/area/force-majeure/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![The abstract composition visualizes interconnected liquidity pools and price discovery mechanisms within institutional digital asset derivatives trading. Transparent layers and sharp elements symbolize high-fidelity execution of multi-leg spreads via RFQ protocols, emphasizing capital efficiency and optimized market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-market-microstructure-1.jpg)

## Force Majeure

Meaning ▴ Force Majeure designates a contractual clause excusing parties from fulfilling their obligations due to extraordinary events beyond their reasonable control, such as natural disasters, acts of war, or government prohibitions, which render performance impossible or commercially impracticable. </a><a href="https://prime.greeks.live/question/what-are-the-key-differences-in-calculating-the-termination-amount-for-a-force-majeure-event-versus-an-event-of-default/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, metallic module with a dark, reflective sphere sits atop a cylindrical base, symbolizing an institutional-grade Crypto Derivatives OS. This system processes aggregated inquiries for RFQ protocols, enabling high-fidelity execution of multi-leg spreads while managing gamma exposure and slippage within dark pools](https://options.greeks.live/wp-content/uploads/2025/07/principal-trading-crypto-derivatives-rfq-protocol-execution-system.jpg)

## Majeure Event

The calculation for an Event of Default is a unilateral risk mitigation tool; for Force Majeure, it is a bilateral, fair-value process. </a>

**Tags:** [Contract Negotiation](https://options.greeks.live/area/contract-negotiation/), [Contract Amendment](https://options.greeks.live/area/contract-amendment/), [Force Majeure](https://options.greeks.live/area/force-majeure/), [Affected Party](https://options.greeks.live/area/affected-party/), [Waiting Period](https://options.greeks.live/area/waiting-period/), [ISDA Master Agreement](https://options.greeks.live/area/isda-master-agreement/)	

## Discover More

- 
### [How Does the Force Majeure Clause in the 2002 ISDA Agreement Alter Counterparty Obligations during a Systemic Market Event?](https://options.greeks.live/question/how-does-the-force-majeure-clause-in-the-2002-isda-agreement-alter-counterparty-obligations-during-a-systemic-market-event/)
![Two spheres balance on a fragmented structure against split dark and light backgrounds. This models institutional digital asset derivatives RFQ protocols, depicting market microstructure, price discovery, and liquidity aggregation. It highlights high-fidelity execution and counterparty risk within a Prime RFQ.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-price-discovery-liquidity-aggregation.jpg)

The 2002 ISDA's Force Majeure clause provides a protocol to suspend and terminate obligations, converting a potential default into a managed process.

- 
### [Under What Conditions Could a Force Majeure Claim Be Disputed by a Counterparty?](https://options.greeks.live/question/under-what-conditions-could-a-force-majeure-claim-be-disputed-by-a-counterparty/)
![Abstract geometric forms in blue and beige represent institutional liquidity pools and market segments. A metallic rod signifies RFQ protocol connectivity for atomic settlement of digital asset derivatives. This visualizes high-fidelity execution and price discovery across diverse trading venues, emphasizing capital efficiency and minimizing slippage.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-market-microstructure-1.jpg)

A force majeure claim can be disputed when the event is foreseeable, not covered by the contract, or if the claiming party fails to mitigate damages.

- 
### [How Does the 2002 ISDA Master Agreement Differ from the 1992 Version on Close Out?](https://options.greeks.live/question/how-does-the-2002-isda-master-agreement-differ-from-the-1992-version-on-close-out/)
![A metallic structural component interlocks with two black, dome-shaped modules, each displaying a green data indicator. This signifies a dynamic RFQ protocol within an institutional Prime RFQ, enabling high-fidelity execution for digital asset derivatives. Internal mechanisms underscore algorithmic trading and pre-trade analytics for capital efficiency and best execution.](https://options.greeks.live/wp-content/uploads/2025/07/modular-rfq-protocol-engine-for-digital-asset-derivatives-prime-os.jpg)

The 2002 ISDA Master Agreement enhances close-out by mandating an objective "Close-out Amount," replacing the 1992 version's subjective methods.

- 
### [What Are the Primary Differences in Counterparty Risk between Cleared and Uncleared Derivatives?](https://options.greeks.live/question/what-are-the-primary-differences-in-counterparty-risk-between-cleared-and-uncleared-derivatives/)
![A dark, metallic, circular mechanism with central spindle and concentric rings embodies a Prime RFQ for Atomic Settlement. A precise black bar, symbolizing High-Fidelity Execution via FIX Protocol, traverses the surface, highlighting Market Microstructure for Digital Asset Derivatives and RFQ inquiries, enabling Capital Efficiency.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-microstructure-1.jpg)

Cleared derivatives mutualize counterparty risk through a central utility; uncleared derivatives manage it via direct bilateral contracts.

- 
### [What Is the Difference in Legal Risk between Public and Private Sector RFP Processes?](https://options.greeks.live/question/what-is-the-difference-in-legal-risk-between-public-and-private-sector-rfp-processes/)
![An intricate, blue-tinted central mechanism, symbolizing an RFQ engine or matching engine, processes digital asset derivatives within a structured liquidity conduit. Diagonal light beams depict smart order routing and price discovery, ensuring high-fidelity execution and atomic settlement for institutional-grade trading.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-platform-prime-os.jpg)

Public sector RFP legal risk is procedural, driven by administrative law, while private sector risk is commercial, rooted in contract law.

- 
### [How Does Novation Impact Counterparty Risk in Derivatives Trading?](https://options.greeks.live/question/how-does-novation-impact-counterparty-risk-in-derivatives-trading/)
![A sphere, split and glowing internally, depicts an Institutional Digital Asset Derivatives platform. It represents a Principal's operational framework for RFQ protocols, driving optimal price discovery and high-fidelity execution. This system manages deep liquidity within intricate market microstructure, supporting multi-leg spread strategies.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-1.jpg)

Novation transforms counterparty risk by replacing bilateral contracts with a centrally guaranteed, mutualized system.

- 
### [How Do Institutions Manage Counterparty Risk in Bilateral Quote-Driven Trading?](https://options.greeks.live/question/how-do-institutions-manage-counterparty-risk-in-bilateral-quote-driven-trading/)
![A precise system balances components: an Intelligence Layer sphere on a Multi-Leg Spread bar, pivoted by a Private Quotation sphere atop a Prime RFQ dome. A Digital Asset Derivative sphere floats, embodying Implied Volatility and Dark Liquidity within Market Microstructure.](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-high-fidelity-execution-7.jpg)

Institutions architect robust frameworks using legal agreements, dynamic collateral, and quantitative adjustments to manage bilateral counterparty risk.

- 
### [What Are the Key Differences between the 1992 and 2002 Isda Agreements?](https://options.greeks.live/question/what-are-the-key-differences-between-the-1992-and-2002-isda-agreements/)
![Brushed metallic and colored modular components represent an institutional-grade Prime RFQ facilitating RFQ protocols for digital asset derivatives. The precise engineering signifies high-fidelity execution, atomic settlement, and capital efficiency within a sophisticated market microstructure for multi-leg spread trading.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-digital-asset-derivatives-rfq-protocol-high-fidelity-execution-system.jpg)

The 2002 ISDA Agreement replaced the 1992 version's subjective "Loss" with an objective "Close-out Amount" for greater legal certainty.

- 
### [How Does the Waiting Period in a Force Majeure Event Differ from an Illegality Event?](https://options.greeks.live/question/how-does-the-waiting-period-in-a-force-majeure-event-differ-from-an-illegality-event/)
![Glossy, intersecting forms in beige, blue, and teal embody RFQ protocol efficiency, atomic settlement, and aggregated liquidity for institutional digital asset derivatives. The sleek design reflects high-fidelity execution, prime brokerage capabilities, and optimized order book dynamics for capital efficiency.](https://options.greeks.live/wp-content/uploads/2025/08/precision-engineered-digital-asset-derivatives-execution-via-optimized-rfq-protocols-enhancing-principal-operational-frameworks.jpg)

A force majeure waiting period is a contractual buffer for operational disruption; an illegality waiting period is a shorter, legally-driven response window.

---

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---

**Original URL:** https://options.greeks.live/question/can-the-force-majeure-waiting-period-be-extended-by-mutual-agreement-between-counterparties/
