Companies have asked “Does the current corona crisis constitute a (global) force majeure – act of god situation from a legal point of view?” and want the answer in a short, summary format – and the ILN has answered – 23 member jurisdictions have weighed in with concise responses to help guide your business in the current crisis.
With the fast moving issues we are all facing along with the added challenge of many of us
working remotely, we have identified a few quick fixes designed to help you and your business get through the day that little bit easier. Our top ten fixes include everything from how and when to use electronic signatures through to how to navigate some of the priority employment issues. Read more..
The Coronavirus Aid, Relief and Economic Security Act (the CARES Act) includes the
Paycheck Protection Program, which provides economic relief for small businesses. Read more…
Insight to help lenders and borrowers identify issues that should be considered due to the impact of the coronavirus. Specifically, lenders and borrowers should pay careful attention to the certain provisions in a credit agreement and related loan documents now more than ever. READ MORE
Corona and intended mergers and acquisitions (M&A’s): terminate, invoke MAC’s or other conditions or postpone?
The Corona crisis has severe consequences for intended mergers and acquisitions (M&A’s). Many merger or acquisition plans and even pending deals are being terminated or being shelved. The question is which legal instruments parties may use under Dutch law to terminate a pending deal. And what can parties do in case they do not want to close the merger or acquisition at this moment, but want to uphold the possibility to reach a transaction in the future? The Corona crisis is unchartered territory in this respect as well. However, some general rules can be mentioned.
As the global effect of Covid-19 increases day by day, parties’ abilities to perform contractual obligations have been impacted and will inevitably be further interfered with as this pandemic continues.
In Brief: It remains to be seen whether Covid-19 will enable parties to affected commercial contracts to invoke force majeure relief and therefore excuse non-performance or delay of their contractual obligations, or will it remain possible to issue proceedings against parties for breach of contract, despite the cause of non-performance being the current global pandemic?
What is BI Insurance?
BI Insurance covers losses which result from closure of business. BI Insurance is usually part of a commercial combined policy.
What does BI Insurance cover?
If cover exists:
- loss of income;
- fixed costs such as: payroll, operating expenses and business loan repayments; and
- costs of temporary relocation. Read more…
The Small Business Act Paycheck Protection Program authorizes up to $349 billion for low-interest loans of up to $10,000,000 to borrowers to fund eligible payroll costs, interest on mortgage payments (which includes mortgages on real property and personal property), rental payments, utilities payments, and for other permitted purposes. The loans made under the Paycheck Protection Program would be eligible for forgiveness for certain payroll and other operating costs, as long as the borrowers maintain their payrolls to fund payroll costs and certain other expenses. Read more…
Small businesses are facing an unprecedented economic challenge arising from the coronavirus (COVID-19) pandemic and the related government ordered closures of business operations and “stay at home” orders. In response, federal, state and local government agencies have begun developing various loan and grant programs to help small businesses negatively impacted by COVID-19. We have been working with a number of small businesses to advise them on the available government programs and to assist with the application process.
This alert outlines current loan and grant programs that may be available to the small businesses we serve. We will work to provide updates once the final details and eligibility requirements of these programs become clear and as other loan or grant programs become available. Read more…
Does the current corona crisis constitute a (global) force majeure – act of god situation from a legal point of view?
Under the Russian Law the force majeure – act of god situation means emergency, unforeseen and unavoidable situations, which cannot be reasonable predicted, avoided or overcome in time of contracts execution and are not under the control of parties.
The standard list of the force majeure – act of god situations includes among others mass diseases (epidemies)1.