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Posted 26 days ago
During an unprecedented event like COVID-19, many of you are wondering if your contracts and agreements can be delayed or canceled due to what is known as a "force majeure" event. Simply put, a force majeure clause in a contract may allow parties to suspend or cancel an agreement due to an event that can neither be anticipated nor controlled. With an event as extreme as a pandemic, some of you are rightfully concerned with how this affects you, your business, and the contracts you had previously signed.
Force majeure clauses are found in a variety of contracts, be they licensing agreements, vendor contracts, and more. The state the contract was drawn up in and the specific language of the clause are key factors in determining if the pandemic is a qualifying event. One of the main indicators that a force majeure provision may be applicable is whether the performance of a contract becomes impossible to fulfill, or is delayed.
There are no "one size fits all" answers, and each contract and situation must be evaluated individually to determine your rights and risks. This is why it's important to have someone well-versed in contract law in your state to review your contract to help you understand your options. Not all contracts need to be canceled, as some can be renegotiated in a mutually beneficial manner. Regardless, our attorneys are standing by ready to help you navigate an uncertain contract and determine the best path forward for you and your business.
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