DiscoverTrent365Force Majeure Could Mean The End Of Your Business #838
Force Majeure Could Mean The End Of Your Business #838

Force Majeure Could Mean The End Of Your Business #838

Update: 2020-03-17
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Force Majeure is defined as - unforeseeable circumstances that prevent someone from fulfilling a contract.


Many contracts have such a clause.


It would typically come into play in the event of a tsunami or earthquake or similar.


But this current COVID-19 Crisis, according to most interpretations, would qualify as a force majeure event.


That means, if you have a contract with another person or company, they may be able to avoid their obligations to you at this time.


If that obligation includes them paying you money for goods &/or services rendered, you could be in trouble.


Further, oftentimes these force majeure clauses will allow either party to cancel the agreement completely if the event last more than a certain period of time - 3 mths, 6 mths or more.


So, best you check your agreements and make yourself aware of the short term and long term impacts on your business if a force majeure is declared.


#forcemajeure #contractual #covid19

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Force Majeure Could Mean The End Of Your Business #838

Force Majeure Could Mean The End Of Your Business #838

Trent Munday