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

Provided legal advice on the possible effect to the commercial activities of the client’s group companies in relation to OFAC sanctions imposed to Aivars Lembergs.

Assisted various legal service providing companies throughout year 2019 by developing their internal AML/KYC procedures.

Audited consumer financing service provider Creamfinance and developed its internal AML/KYC procedure.

Assisted East Capital Baltic Property Fund III in acquiring Logistic Park near Riga International Airport for nearly 19 million euros. VILGERTS provided 100% legal support in the process including financing arrangements.