The Impacts of COVID-19 on Contracts: What We Learned About Force Majeure in Chinese Contracts
How are you and your clients been affected by Coronavirus? Kira found from 130 contracts that 72% included force majeure provisions.
The current coronavirus outbreak has seen an increasing number of Chinese businesses seeking exemptions for non-performance or non-compliance under their contracts. The economic effects are already rippling worldwide as supply chains and commodities markets are being thrown into turmoil. According to state news agency Xinhua, the China Council for the Promotion of International Trade has issued 4,811 force majeure certificates as of Mar. 3 due to the epidemic. The contracts affected by those certificates are worth 373.7 billion Chinese yuan (US$53.79 billion), according to the report.
Access this on-demand webinar as we walk you through the impacts that Coronavirus (COVID-19) can have on your commercial contracts, and what steps your organization, or clients’ organizations, can take to minimize any potential impact of force majeure and other clauses in them.