Legal Provision

Escape Clause
An escape clause is a provision in a contract that allows one or more of the parties to cancel all or part of the contract if certain events or situations do or do not occur.
Noncontestability Clause
A provision in an insurance policy that precludes the insurer from disputing the validity of the policy on the basis of fraud or mistake after a specified period, typically two years.

Accounting Terms Lexicon

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