COVID-19 impact on contracts – Force Majeure and MAC clauses
RESPOND – A global COVID-19 response for in-house counsel
The critical questions answered from seven European perspectives
As a result of the COVID-19 pandemic, many companies are faced with material problems in managing contracts. Companies are having to deal with delivery bottlenecks, delays or other disruptions in performing obligations. Real estate agreements are impacted, as well as extraordinary transactions, such as financing deals and mergers and acquisitions. Many are turning to Force Majeure and Material Adverse Change (MAC) clauses as possible solutions to suspend or even end the performance obligations under contracts entered into.
A panel of experienced lawyers from Italy, France, Germany, Poland, Russia, Spain and the UK joined a panel to examine nine critical questions:
- Is COVID-19 an event of Force Majeure?
- Are suppliers or clients entitled to renegotiate supply agreements?
- Are tenants of commercial leases entitled to suspend rents?
- Are landlords or tenants entitled to terminate commercial leases?
- Are banks entitled to revoke or accelerate loans?
- Are borrowers entitled to suspend payments?
- Can insurance contracts be impacted?
- Can obligations to file for insolvency be suspended?
- Can M&A contracts be impacted?
The panel members:
The webcast was hosted by Giorgio Mariani, Partner in Deloitte Legal Italy. He was joined by:
- Muriel Feraud, Partner, Deloitte Legal France
- Chris Hardman, Partner, Deloitte Legal UK
- Jan Jarmul, Partner, Deloitte Legal Poland
- Andreas Leclaire, Partner, Deloitte Legal Germany
- Francisco Mayor, Partner, Deloitte Legal Spain
- Ildar Zverev, Senior Lawyer, Deloitte Legal Russia
View the recording
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