👉 A moratorium, also known as a pause or suspension of work, is typically an agreement between two parties to temporarily halt certain activities for a period of time. It is often used in situations where there are significant economic, social, or environmental impacts that need to be addressed before the project can proceed. In the context of property development, a moratorium might be imposed by a government agency to prevent construction projects from being completed until certain conditions have been met, such as securing financing or ensuring safety standards
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What is the definition of Moratorium? 🙋
👉 A moratorium is a period of time during which an action or project is temporarily suspended due to conditions beyond the control of the government, organization, or individual involved. It can be used as a temporary measure to allow for necessary repairs, research, or other activities that are not part of the regular operations of a company, society, or organization. The term "moratorium" refers to the period during which an action is suspended and it is often associated with periods of economic uncertainty or when certain projects
