Whether engaging external help or undertaking the process in-house, the checklist below can help organizations prioritize their contractual relationships and identify practical steps to manage material contracts through this current crisis.
The insurgence of the novel COVID-19 pandemic and its ensuing effect on the domestic and global economies has required companies to consider potential remedies should they, or their counterparties, not be able to perform under contracts. One potential remedy is force majeure.
One of the more difficult issues in contractual disputes is sorting out what rights and obligations continue to exist when a party to a contract breaches the terms of the contract. Broadly speaking, the party that is in breach of a contract is refusing to perform duties or obligations under that contract and, as a result, is repudiating the contract.