Dear Clients,
The global economy has been shaken by the coronavirus pandemic. Although it is too early to determine the extent of its impact, the effect of the coronavirus pandemic is already being felt around the world. As they deal with factors beyond their control, many businesses are subject to uncertainty as to their cash-flow and long-term prospects for survival, as well as complex legal situations.
In the present reality, it may be impossible to perform certain contracts, while others may be worthless to a particular party to the contract, at least for the time being. This situation is likely to result in future litigation which will likely address the question of whether a global pandemic constitutes an event of force majeure or contractual frustration under Israeli law.
Any party who has sustained damage or anticipates damage from the coronavirus pandemic should take action now to address immediate issues while also planning ahead for the day after, when the reasonableness and proportionality of real-time actions will likely be examined post-facto by the courts.
For the full update, click here.
As always, we are at your service, even in these challenging times.
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