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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