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

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

Assisted INVL Baltic Sea Growth Fund in acquiring controlling stake in Eco Baltia. VILGERTS team assisted in the whole process, including with legal due diligence, merger control, transaction advisory and negotiations.

Assistance to Easytrip B.V. in a legal action in Netherlands against SIA Kreiss. The court in Netherlands has passed a decision favourable to the client in late 2019, which is already being enforced in Latvia.

Providing legal assistance to one of the largest Latvian glass manufacturers in a cross-border dispute with Italian company regarding the delivered goods. On 26 June 2019 the court satisfied client’s request to ensure the claim by seizing the debtor’s financial means in Italy.