Existing Commercial Contracts
Managing commercial contracts and associated rights and obligations impacted by the fall-out from COVID-19, including the following:
- Analysis of and exercise of rights with respect to material adverse change or material adverse effect provisions, and required notices;
- Exercise of force majeure provisions as a legal basis for excusing nonperformance under commercial contracts, including reviewing relevant contract language and providing any required notices;
- Identifying other key provisions of material contracts (e.g., representations/warranties, covenants, conditions, "change in law" clauses and termination rights) implicated COVID 19 and related events; and
- Analyzing potential future breach and/or default consequences and evaluating proactive actions to avoid or mitigate the consequences.
Risk Allocation with New Commercial Contracts
Negotiation of commercial contracts being entered into now with respect to appropriate allocation of risk in light of potential continued decline in business environment due to COVID-19.