The COVID-19 pandemic and the concomitant drop in oil prices, have significantly affected the global economy. The United Arab Emirates, whose phenomenal growth over the past 20 years has been driven by the development of a tourism destination, a financial hub and endless construction projects and was, in part, funded by oil revenues is obviously
Companies affected by the Hong Kong government’s shutdown orders during the coronavirus pandemic are unlikely to win business interruption insurance or force majeure claims after a record payout in the past health crisis, experts said.
Depending on the exact wording of the policy, the triggers for coverage are that there must be the closure of
Sent or received a force majeure notice under an English law governed contract? Here is a checklist for issues to consider in respect of the 10 most common questions we have been asked by clients.
The economic effects of COVID-19 are now being felt globally and economic disruption is likely to continue throughout much of 2020 and beyond.
The outbreak has caused many businesses to review contractual agreements and consider: (a) whether they are able to continue to perform their obligations; and (b) what the consequences of not performing will be.
As a result, many businesses are intending to send or have received “force majeure notices” – being notices sent in accordance with a contractual force majeure provision, which purport to suspend (either for a fixed period of time or indefinitely) the parties’ contractual obligations, citing COVID-19 and/or its consequences as the relevant “force majeure event”.