By: Jacqueline R. Bowden Gold, Esq. and Phil Rarick, Esq.
The Coronavirus has left the US economy in a stand still. It has forced businesses to shut down and events to be cancelled or postponed across the nation – creating significant anxiety for small business owners. During these times, many businesses are unable to or fear they will become unable to fulfill their contractual obligations.
Here is a term you’ve probably heard before but never paid much attention to: Force Majeure. If you are unable to fulfill your contractual obligations or are worried that the obligor (the person who has a duty to perform) under an existing contract will not perform, Force Majeure is an important provision to look for in your contract.