COVID-19 CONTRACT CLAUSE

To minimise financial risks, both parties shall consider including the following clause:

“No Party shall be liable for delay, if it has exercised due professional diligence and, therefore, is not at fault for delay caused by spread of the COVID-19 virus or by any measures implemented to limit the outbreak. Party affected by the COVID-19 virus must immediately notify the other Party regarding circumstances of the delay. Party affected by the COVID-19 virus must, on request of the other Party, provide evidence for the facts given in the notice, including that the delay is caused by COVID-19 virus and that the Party has exercised due professional diligence to avoid the delay.”

by Gints Vilgerts, Partner, M&A, Latvia

Related Lawyers

Related Experience

Advising a leading retail chain in the Baltics on the EU competition aspects of a proposed joint purchasing agreement.

AT&T on the merger control aspects of its US$85.4 billion acquisition of Time Warner.

Cisco on the merger control aspects of its US$1.9 billion acquisition of BroadSoft.

Monsanto on the merger control aspects of its US$63 billion acquisition by Bayer.