In light of the unprecedented scope and severity of the novel coronavirus (COVID-19), governments and private entities across the globe are undertaking a variety of dramatic steps intended to halt the spread of the disease. These drastic changes have left businesses scrambling to manage compliance risk and to confront the realities of a dramatically altered economic environment.
Among other things, the pandemic’s rapid spread has had a significant impact on the economic viability of a variety of long-term contractual arrangements and has left many businesses struggling to determine whether the impact of coronavirus suffices to excuse contractual performance. There are no simple solutions. Rather, the precise language of the contract at issue, along with applicable state law, is likely to dictate the risk of non-performance under present circumstances.
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