Final answer:
A postponement clause is a contract provision that allows for the delay of an obligation due to certain conditions, often found in finance and real estate contracts.
Step-by-step explanation:
A postponement clause is a contractual provision that allows for the delay or deferral of an obligation within the contract. It typically provides conditions under which one or both parties can delay performance or payment obligations, often due to unforeseen circumstances that hinder their ability to fulfill the contract on the original terms.
This clause is particularly relevant in the fields of finance and real estate, though it can be included in a variety of contracts.
For example, a postponement clause may be found in a mortgage agreement, where the lender permits the borrower to defer payments under certain hardship conditions. The specific terms and conditions, as well as the consequences of utilizing the postponement clause, will be outlined within the contract itself.