As the 2019 Novel Coronavirus (COVID-19) continues to spread across the world, and governments and health authorities work tirelessly to defeat it, major economies, including China, are experiencing mounting pressure as consumer spending, production and investment are drastically curtailed due to virus-related risks.
Subsequently many companies are therefore also facing significant and urgent business and legal challenges such as:
- How to renegotiate or terminate contracts where the activity in question is no longer commercially viable
- Available options should businesses have difficulties in fulfilling their existing contractual obligations because of business disruptions
- Invoking force majeure clauses
- Ensuring steps being taken to safeguard employees are also meeting key obligations under relevant laws
- Options available to companies when core supply chains are disrupted
- Renegotiating lending terms or applying for bridging or emergency funding, should it be necessary
While the situation is unprecedented, many of the answers lie in long-standing general laws and regulations, including those related to public health and work safety, as well as emergency measures recently issued by governments to specifically deal with the coronavirus outbreak.
Baker McKenzie teams across the world are working with clients, regulators and various authorities to produce a variety of client updates and hosting webinars to assist decision makers, including in-house legal teams, on how to navigate this incredibly challenging period.
Please continue to check in here as our Coronavirus Resource Center will be regularly updated.