No statutory recognition.

Yes. Availability of remedies depends on the terms agreed between the parties. FM clauses are construed according to contract law principles under the common law.

Depends on the wording of the FM clause. If the FM clause requires any steps to be taken to invoke it, such steps should be followed.

Depends on the wording of the FM clause. Generally, the affected party is required to use reasonable endeavors or diligence to overcome or mitigate the impact of the FM event.

Depends on the specific wording of the FM clause. Common types of relief include the right to:

• suspend contractual obligations;
• be excused from liability for non-performance or delay;
• terminate the contract;
• launch an extension of time to target dates;
• renegotiate the terms of the contract; and
• instigate remediation and/or contract governance measures.

Other contractual remedies which cover similar circumstances include material adverse change clauses in the M&A context but this is usually highly negotiated.

Similar to other common law jurisdictions, the doctrine of frustration is also available.