Canada: 2018 B.C. Budget: What It Means for B.C. Real Estate

Last Updated: March 12 2018
Article by Canadian Real Property Law Blog and McCarthy Tetrault LLP

Most Read Contributor in Canada, September 2018

On February 20, 2018 the B.C. government unveiled its Budget and Fiscal Plan 2018/19 – 2020/211 (the "Budget") and an accompanying housing plan.2 This update addresses the impact and significance of seven key measures relating to real estate that will be of interest to companies doing business, or considering doing business, in B.C. Those measures are:

  1. the increase in the property transfer tax;
  2. the increase in and expansion of the foreign buyer tax;
  3. the new speculation tax;
  4. the increase in the school tax;
  5. the new pre-sale condo database;
  6. the new beneficial ownership transparency measures; and
  7. the strengthened auditing and enforcement powers.

Please note that the precise nature and scope of these measures may change somewhat as they are formalized through the process of debate, drafting, and implementation.

1. Property Transfer Tax

Under the B.C. Property Transfer Tax Act,3 a property transfer tax is triggered when certain types of transactions, called "taxable transactions", are registered in the Land Title Office.4 Taxable transactions include, for example, transactions where a person becomes the owner of the relevant property or the holder of a lease, life estate, or right to purchase the property.5

The amount of tax payable is typically based on the fair market value ("FMV") of the land and improvements as of the date of registration.6 Before February 21, 2018, the applicable rates were:

  • 1% on the first $200,000 of FMV,
  • 2% on the portion of FMV over $200,000 up to $2 million, and
  • 3% of the portion of FMV that exceeds $2 million.7

If the legislative amendments proposed in the Budget are passed as proposed, then if a taxable transaction involves residential property and occurs on or after February 21, 2018, an additional 2% tax (for a total of 5%) will apply to the portion of the residential property's FMV that exceeds $3 million.8 If the property is classified as "residential mixed class" (such as residential and commercial, residential and recreational, or residential and farm land), then the additional 2% tax will apply only to the residential portion of the property. The government has released a guidance document to assist in calculating the additional tax payable.

As for what properties qualify as "residential", BC Assessment's property classification framework governs.9 The residential (class 1) classification generally includes single-family residences, multi-family residences, duplexes, apartments, condominiums, nursing homes, seasonal dwellings, manufactured homes, farm buildings, daycare facilities, and some types of vacant land.10 Based on the broad spectrum of properties captured by the term "residential", businesses should be aware that property that might appear, at first glance, to be non-residential may in fact be "residential" for the purposes of the property transfer tax. A close reading of the relevant laws and regulations, as well as a clear understanding of the nature and use of the property, are both essential.

The proposed amendments do not expand the scope of transactions subject to the property transfer tax. Rather, they simply increase the amount of tax payable on taxable transactions involving residential property with an FMV exceeding $3 million. Further, it is important to note that the additional tax will apply only where the FMV of the residential property exceeds $3 million. Therefore, if, for example, a transaction were to involve a residential component worth $2.5 million and a non-residential component worth $1 million, the additional 2% tax would not apply to any portion of the transaction, despite the fact that the total FMV would exceed $3 million. The value threshold is not cumulative across residential and non-residential property combined.

The province estimates that the increased property transfer tax will generate $81 million in 2018–2019 and a further $81 million in 2019–2020.11

2. Foreign Buyer Tax

In addition to the property transfer tax described above, if the transferee in a taxable transaction is a foreign national, foreign corporation, or a taxable trustee, then the transferee must pay an additional property transfer tax, better known as a "foreign buyer tax", on the transaction's FMV, provided the transaction involves residential property located within a specified area of the province.12

When it first took effect in August 2016, the foreign buyer tax applied at the rate of 15% and applied only within the Greater Vancouver Regional District.13 However, as of February 21, 2018, the tax will be raised to 20% and its territorial scope expanded to cover the following districts:

  • the Capital Regional District;
  • the Fraser Valley Regional District;
  • the Regional District of Central Okanagan;
  • the Regional District of Nanaimo; and
  • the Greater Vancouver Regional District (which was already included).14

The province has suggested that further expansions may be rolled out in the future.

As is the case for the additional 2% property transfer tax discussed above, if the property is classified as residential mixed class, then the foreign buyer tax will apply only to the residential portion of the property, leaving the current rule unchanged.15 Moreover, apart from the territorial expansion, the scope of transactions captured by the foreign buyer tax will remain the same.

Notably, if the property is located in one of the first four districts listed above, then the transaction may be exempt from the foreign buyer tax based on a transitional provision. The main exemption eliminates the foreign buyer tax where the following two conditions are met: (1) the property transfer is subject to a written agreement dated on or before February 20, 2018 and (2) the registration occurs on or before May 18, 2018.16 However, if the written agreement is assigned to a foreign entity or taxable trustee on or after February 21, 2018, then the foreign buyer tax will apply.17 Moreover, no transitional period exemptions are available for transactions involving property located in the Greater Vancouver Regional District. This is an important point to note for those who have signed a deal involving Vancouver property but have yet to close.

The province projects that the increased and expanded foreign buyer tax will generate $35 million in 2018–2019 and $40 million in 2019–2020.18

3. Speculation Tax

The government also announced its intention to bring forward legislation in the fall of 2018 imposing a new "speculation tax" on residential property in the province. Many consider this property tax an "empty homes tax", a form of tax that has already been implemented in the City of Vancouver.19 The stated purpose of the speculation tax is to increase housing affordability in B.C. by curbing speculation in the residential housing market.

The proposed tax will target foreign and domestic homeowners who do not pay income tax in B.C.20 It will affect those who leave their homes vacant, as well as households with high worldwide income that pay little income tax in B.C. – so-called "satellite families". It will also likely affect developers that are holding vacant residential land or vacant houses pending redevelopment. Outside these contexts, up-front exemptions will be available for most principal residences and qualifying long-term rental properties, as well as for certain "special cases". In addition, a non-refundable income tax credit will be available to provide relief for those who do not qualify for an up-front exemption but who pay income taxes in British Columbia. This tax credit may be available to British Columbians who own a vacation home within the province that is caught by the tax. That said, this relief may provide little comfort to retirees and others who lack sufficient income to offset the speculation tax. This may have the effect of, among other things, hindering the pace of development for recreational development projects in the province.

The province advised that it will administer and apply the tax annually, outside the normal property tax system and property tax cycle, beginning in the 2018 taxation year. The 2018 tax rate will be 0.5% of assessed value, with that figure rising to 2% in 2019. At least initially, the tax will apply only in certain areas of the province, namely:

  • Metro Vancouver;
  • Kelowna;
  • West Kelowna;
  • the Capital Regional District;
  • the Fraser Valley; and
  • the Nanaimo Regional District.

It is unclear exactly what types of properties will qualify for an up-front exemption. The province has provided assurances that "most" principal residences, "qualifying" long-term rental properties, and "certain special cases" will enjoy up-front exemptions, but these words have yet to be spelled out with precision.

Particularly in the popular press, concerns are being raised that Canadians who live in another province but who own vacation property in one of the designated areas in B.C. – particularly in popular vacation home areas such as Kelowna – will see their B.C. property caught by the tax. This scenario is not unlikely, given that the province has indicated that the tax will target "foreign and domestic home owners".21 Concerns are also being raised that the list of designated areas may be expanded in the future to include other regions such as the Kootenays, another popular vacation home spot, particularly among nearby Albertans.

The province estimates that the speculation tax will generate $87 million in 2018–2019 and $200 million in 2019–2020.22

4. Increased School Tax

Pursuant to the B.C. School Act,23 the province levies an annual school tax on the net taxable value of land and improvements in the province.24 Beginning in the 2019 tax year, the province will increase the school tax on certain residential properties assessed at over $3 million.25 The draft legislative amendments frame this increase as an "additional school tax".26

Only residential (class 1) properties are subject to the increase, and only certain types of properties, called "dwelling properties",27 within that class are affected. Generally speaking, the properties affected include detached homes, stratified condominium or townhouse units, and most vacant land. However, after releasing the Budget, the government clarified that the additional school tax will not apply to residential apartment buildings that have four or more rental units.28 Indeed, the definition of "dwelling properties" in the proposed legislation generally excludes non-strata properties that are used or intended to be used as a residence by four or more families.29 The public policy rationale for this exclusion is likely the concern that apartment building owners would simply pass on the increased taxes to renters, at least to the extent permitted by rent controls.

The tax increase, which will apply across the province and be administered through the existing school tax system, will apply only to the portion of the residential property's taxable assessed value that exceeds $3 million.30 In the case of a mixed-use property, only the residential portion of the property's taxable assessed value above $3 million will be subject to the tax. A rate of 0.2% will apply to the portion of residential assessed value between $3 million and $4 million, and a rate of 0.4% will apply to the portion of residential assessed value exceeding $4 million.

In the absence of some form of relief, the effects of the increased school tax would be felt heavily by retirees, pensioners, and other fixed-income homeowners who are "house rich but cash poor". These homeowners might find themselves struggling to come up with the funds to pay the additional school tax, which may run into five figures annually. However, relief may be available in the form of the provincial property tax deferment program, which permits qualifying seniors to defer payment of their property taxes on their principal residence until they sell the home. While deferment of property taxes may not be the ideal solution for many seniors, it may be more palatable than taking out a mortgage on their home to pay the increased tax bill.

The province estimates that the increase in the school tax will generate $50 million in 2018–2019 and $200 million in 2019–2020.31

5. Pre-Sale Condo Database

Citing the goal of cracking down on tax evasion in pre-sale condo reassignments, the government announced its intention to establish a new database on pre-sale condo assignments.32 Developers will be required to collect and report to a designated provincial office comprehensive information about the assignment of pre-sale condo purchases. This information will be shared with federal and provincial tax authorities in order to ensure appropriate taxes are paid. The province also indicated that the information collected will allow it to develop new taxation models in the future.

The details on the proposed database are sparse; many important questions are left unanswered. To list just a few:

  • What information will developers be required to collect and report?
  • How will developers collect and report that information?
  • What "designated provincial office" will receive the information?
  • How long will the information be retained?
  • How will the province ensure the information is protected and secured?
  • To what extent, if any, will members of the public be permitted to access the information?
  • How will privacy concerns be addressed?
  • How will the accuracy of the information be tested?
  • What "new taxation models" might be developed in the future?

6. Beneficial Ownership Transparency

Citing concerns over speculation, tax fraud, and money laundering in the province, the government announced three new measures it intends to implement to enhance transparency around real estate ownership in B.C.:

  • requiring disclosure of more information about beneficial ownership on property transfer tax forms;
  • establishing a new registry of beneficial ownership in B.C., administered by the Land Title Survey Authority, that will be publicly available and shared with federal and provincial law enforcement and tax authorities; and
  • introducing legislative amendments requiring B.C. corporations to maintain accurate, up-to-date information on beneficial owners, with such information being made available to law enforcement, tax, and other authorities.33

Again, the precise details have yet to be ironed out. The province has not indicated a proposed timeline for implementing the beneficial ownership registry, nor has it clarified precisely what information about beneficial ownership will be contained in the registry or how the registry will be made accessible to members of the public.

As noted above, property transfer taxes are triggered only when certain types of transactions are registered. Accordingly, at present, as long as there is no change in registered ownership, a transfer of beneficial ownership does not trigger property transfer taxes. However, the new beneficial ownership transparency measures suggest that the government may be preparing to extend the property transfer tax to transactions involving a change of beneficial ownership. This reform would have a significant effect across the real estate industry. For a discussion of whether property transfer tax reform may be on the horizon, see our earlier blog post here.

7. Strengthened Auditing and Enforcement Powers

Finally, with a view to ensuring it can verify the accuracy of the information provided on property transfer tax forms and enforce the property transfer tax effectively, the government announced that it will amend the Property Transfer Tax Act to:

  • increase the limitation period for assessments – which was previously as short as one year, depending on the case34 – to six years;
  • enable the collection of additional buyer information;
  • introduce administrative penalties for non-compliance with the Act;
  • extend the application of the general anti-avoidance rule; and
  • enable tax administrators to compel access to information relevant to transfers such as information held in a multiple listing service database.35

At present, the Property Transfer Tax Act provides for various "offences", punishable upon conviction.36 The draft legislation contemplates administrative penalties for non-compliance, including for evading or avoiding a tax liability through certain acts or omissions.37 The consequence of a finding that such evasion or avoidance has taken place is that the person may be held jointly and severally liable for the amount of any tax avoided or evaded as a result and must pay, in addition to that amount, a penalty equal to the amount of tax avoided or evaded.38

Prior to the recent announcements, the anti-avoidance rule contained in the Property Transfer Tax Act related exclusively to the foreign buyer tax.39 Under the proposed amendments, however, the anti-avoidance rule will extend broadly throughout the Act. It remains to be seen whether the government may seek to apply the general anti-avoidance rule to certain transfers of beneficial interests.

Conclusion

The Budget ushers in a number of significant changes affecting real estate in British Columbia. Though many important details have yet to be clarified, and while the government has indicated that it may be open to amending its legislative proposals if compelling concerns are raised, a consistent theme running through the new measures is the government's objective of "stabilizing" housing prices in the province. Whether the means chosen to achieve that end will prove effective remains to be seen. What is clear, however, is that companies doing business in B.C., or considering doing business in B.C., will soon have a new suite of legal and regulatory requirements with which to comply.

Considered from an economics perspective, the new measures discussed above focus heavily on tax-driven disincentives aimed at cooling demand. These measures focus primarily on the residential housing market, particularly at the luxury end. But that is not to say that they will not affect non-residential real estate markets as well. To the contrary, the new measures can reasonably be expected to have at least some effect on prices in other segments of the real estate market, to varying degrees. Relatedly, we expect to see some real estate investors shifting their portfolios toward non-residential real estate such as commercial properties, as many of those properties sit outside the scope of the new taxes. Overall, it is difficult to predict what impact the new measures will have on real estate prices in the province, though major shocks are unlikely.

For more information on how the Budget may affect your business, please contact one of the lawyers in our Real Property & Planning Group. We look forward to helping you achieve your business objectives.

Footnotes

1 British Columbia, Budget and Fiscal Plan 2018/19 – 2020/21 (2018) [Budget].

2 British Columbia, Homes for B.C.: A 30-Point Plan for Housing Affordability in British Columbia (2018) [Housing Plan].

3 R.S.B.C. 1996, c. 378 [Property Transfer Tax Act].

4 Ibid, s. 2.

5 Ibid, s. 1 ("taxable transaction").

6 Special considerations apply to pre-sale strata units.

7 Property Transfer Tax Act, supra note 3, s. 3(1).

8 Bill 2, Budget Measures Implementation Act, 2018, 3rd Sess., 41st Parl., British Columbia, 2018, s. 58 (first reading 20 February 2018) [Bill 2].

9 The classification framework is set out in the Prescribed Classes of Property Regulation, B.C. Reg. 438/81. Municipal zoning does not determine property class, though it may be a factor in certain cases.

10 Ibid, s. 1. Also see the list provided on BC Assessment's website.

11 Budget, supra note 1 at p. 65.

12 Property Transfer Tax Act, supra note 3, s. 2.02.

13 Properties located on Tsawwassen First Nation lands were excepted from the tax. The proposed amendments preserve this exception.

14 A list of the municipalities and electoral areas falling within each of these districts is available here.

15 Property Transfer Tax Act, supra note 3, s. 2.03.

16 See the full explanation of the transitional rules on the B.C. government's website here.

17 Ibid.

18 Budget, supra note 1 at p. 65.

19 See the information outlined on the City of Vancouver's website here.

20 Budget, supra note 1 at p. 72.

21 Ibid at p. 72 [emphasis added].

22 Ibid at p. 66.

23 R.S.B.C. 1996, c. 412.

24 Ibid, s. 119.

25 Budget, supra note 1 at p. 71.

26 Bill 2, supra note 8, s. 89.

27 Ibid.

28 Frank O'Brien, "Province Confirms Rental Buildings to Be Exempt from Luxury House Tax", Business in Vancouver (28 February 2018), online: https://biv.com/article/2018/02/province-confirms-rental-buildings-be-exempt-luxury-house-tax.

29 Bill 2, supra note 8, s. 89.

30 Budget, supra note 1 at p. 71.

31 Ibid at p. 65.

32 Housing Plan, supra note 2 at p. 14.

33 Ibid at p. 15.

34 Property Transfer Tax Act, supra note 3, s. 18.

35 Housing Plan, supra note 2 at p. 15.

36 Property Transfer Tax Act, supra note 3, s. 34.

37 Bill 2, supra note 8, s. 66.

38 Ibid.

39 Property Transfer Tax Act, supra note 3, s. 2.04.

To view the full article please click, here

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
Similar Articles
Relevancy Powered by MondaqAI
Miller Thomson LLP
Alexander Holburn Beaudin + Lang LLP
Blake, Cassels & Graydon LLP
 
In association with
Related Topics
 
Similar Articles
Relevancy Powered by MondaqAI
Miller Thomson LLP
Alexander Holburn Beaudin + Lang LLP
Blake, Cassels & Graydon LLP
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions