Details

Date: 29 Jun 2020

Time: 1:00 PM Asia/Dubai [GMT 4]

Duration: 1 hr

Brief Description/ Introduction:

Commercial enterprise all over the world has been facing the kind of challenge rarely seen outside wartime, with transport, oil and gas, supply chains, logistics, property, retail and hospitality suffering the wholesale suspension of trading activities. The number of liquidations and personal insolvency, mass unemployment and the scale of governmental intervention will not in combination have been seen before by anyone now living.

The enormity of the potential problems now facing most of us pose questions in every sector concerning whether the conduct of business will ever return to normal, or will profound change occur in the way we engage and therefore contract with each other?

In the short term, lawyers will be considering the parameters of existing contracts: can ongoing liability for contractual performance be enforced, or will such liability be suspended by operation of force majeure? Has the contract been frustrated? Will the parties take a commercially realistic view and re-negotiate the contract? Can they be forced to do so? Are losses covered by business interruption insurance? What happens if the insurer avoids the policy? What flows from a party’s insolvency?

In the longer term, how should contracts take in the possibility of further waves of pandemic, or new pandemics occurring? How can contracts be designed to accommodate crises with a flexible but realistic response? 

These are matters of concern to the whole of commerce, and not confined to the academic theory of the law. Business may require a long-term strategy based on an innovative approach. This AZTech webinar raises profound questions about the future of enforceable rights arising out of commercial agreements.

This webinar will feature:

  • The reaction of contracting parties to the COVID-19 crisis: existing structures and obligations
  • Getting paid and avoiding payment
  • Usual strategies to secure performance obligations
  • The need for strategies to change and evolve contracting
  • Insurance, indemnity and guarantees
  • Flexibility in dispute resolution and renegotiation
  • Practical business sense or strict reliance on rights

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