There has been unprecedented disruption to our lives and businesses due to the novel Coronavirus (COVID-19). There has already been significant disruptions to the supply chain with the cancellation of conferences, sporting events, travel and restrictions on movements. Each day the restrictions are broadening and businesses are suffering further interruptions to their operations with the most recent restrictions resulting in some businesses being unable to open their doors.
Some of the questions on everyone’s minds are:
- How will this affect my personal life?
- How will this affect my business?
- What about my obligations pursuant to my business contracts?
Thousands of businesses are currently facing serious contractual issues and will need to consider whether they can suspend or terminate their business contracts due to the impacts of COVID-19. Unfortunately, there is no one-size-fits-all solution to the challenges that businesses and households are currently facing. The existing or future contractual rights and obligations of each business will depend on the terms of their business contract and their specific circumstances.
Due to legal uncertainty of COVID-19 on performance of contractual obligations we strongly recommend that you seek our expert advice, before proceeding or refusing to perform your contractual obligations, to determine your rights and obligations. If you would like further information or assistance, including but not limited to legal analysis of your contract and potential impact of COVID-19, please do not hesitate to contact one of our local experts today.