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.
Companies with China in their supply chains should be hard at work considering whether they are in for disruption. Force majeure clauses constitute an important part of this story. Today, there is a lot of conjecture. We thought it worthwhile to leverage our contract review AI to generate actual data on what real commercial contracts say about force majeure.
In this study, we’ll cover:
- Force Majeure Provisions in commercial Contracts;
- Prevalence of Force Majeure Provisions;
- Public Health-Related Events in Force Majeure Provisions;
- And more!
With the severity and prevalence of the coronavirus escalating quickly, and more businesses and industries affected each day, the volume of contracts that may warrant review for force majeure provisions is growing as well. If you’d like to learn more about how machine learning software such as Kira can help you instantaneously find force majeure provisions in contracts (in addition to other essential contract provisions), download our study today!