April 3, 2020
As the United States and the rest of the world battle the COVID-19 pandemic, companies across multiple industries have struggled to quickly adapt: They are facing un-meetable contractual deadlines or other requirements and having to shutter some or all of their business activities, conduct furloughs or reductions in force, cancel events and issue refunds. These companies face potential lawsuits from customers, clients and investors, and have and will continue to undergo extensive financial losses as a result of quarantines and restrictions in trade. Given these unexpected changes, it is essential that each business evaluates protections it has for its failure to meet contractual requirements and financial losses by reviewing force majeure and related provisions of its contracts and evaluating its coverage under any applicable insurance policies.
Compliments of Reavis Page Jump LLP – a member of the EACCNY.