Description
Force majeure is a legal term that has become increasingly familiar outside of the legal field in the aftermath of the business challenges faced in 2020 (and beyond) due to the COVID-19 pandemic and the related economic fallout. However, force majeure is not the only boilerplate or general provision in a typical commercial contract to reexamine under the current circumstances.
The global effects resulting from COVID-19 has led to a reconsideration of several standard provisions. While use of boilerplate language may create consistency and enforceability in contracts, the current climate reinforces best practices that all contracts should be specifically tailored for the parties and circumstances of the arrangement.
Based on these new challenges, counsel should consider revisiting and revising standard provisions of client agreements means of notice regarding delays or shortages, including acceptance or rejection of sales orders, business continuity wind down, force majeure, restrictive covenants, suspension of obligations, termination, dispute resolution, self-help and other provisions.
Listen as our expert panel discusses boilerplate provisions, the impact of COVID-19 and the economic downturn on certain aspects of commercial contracts, and creating an approach that creates boilerplate provisions to mitigate future risk.
Presented By
Ms. Bistrow is a member of the firm’s Corporate & Transactional Department with a vast practice that includes commercial finance and lending, real and personal property secured transactions, Uniform Commercial Code, creditor’s collection and related remedies, bankruptcy, insolvency, work-outs and restructurings. She is a seasoned lecturer and published author and is a member and former co-chairperson of the Commercial Transactions Committee of the Business Law Section of the State Bar of California.
Mr. Weise practices in all areas of commercial law and has extensive experience in financing, especially in those secured by personal property, including structured financing. He is regarded as one of the foremost authorities on Article 9 of the UCC. He is a member of the Permanent Editorial Board for the UCC and a member of the American Law Institute’s UCC Article 9 Drafting Committee. Mr. Weise is also the past chair of the American Bar Association’s Business Law Section Legal Opinions Committee.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Wednesday, February 10, 2021
- schedule
1:00 p.m. ET./10:00 a.m. PT
- Force Majeure
- Sales contract issues, such as the ordering process, delivery, notice and mitigation
- Wind down
- Business continuity
- Contract termination, rescheduling and cancellation flexibility
- Exclusivity and other restrictive covenants
- Dispute resolution
- Self-help and step-in rights
The panel will review these and other key issues:
- How can the ordering process in contracts related to accepting orders and rejecting non-conforming goods be addressed
- What types of notice must be provided when delays of performance are anticipated?
- How do draft for business continuity and potential wind down of one of the parties issues
- How to address dispute resolution processes
- When can a party to a commercial contract exercise self-help?
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