Featured in Enterprise: The legal implications of covid-19: What does force majeure mean for business?
The COVID-19 crisis posed unprecedented challenges and difficult decisions for both businesses and the government. While businesses have done their best to comply with their contractual obligations, the reality of the situation is that many may struggle to meet their contractual obligations in the coming weeks and months. Fortunately, most large contracts in Egypt contain “force majeure” clauses, which may provide businesses with legal relief in these difficult times.
At Youssef & Partners (Youssef + Partners), Karim A Youssef, managing partner of the firm, explains that these clauses typically provide for contingencies, such as economic shocks or minor disturbances. The exact terms of the “force majeure” clause are, however, up to the contracting parties to agree upon. This is why it is essential for businesses to understand their contractual obligations and know what type of protection force majeure may provide.
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