ICC has updated its "Force Majeure" and "hardship" clauses to help businesses large and small draft contracts adaptable to unforeseen events such as the COVID-19 outbreak.
The new 2020 clauses update the 2003 versions, reflecting the need for simpler presentation and expanded options to suit various companies’ needs.
Major innovations include a new Short Form Force Majeure Clause which is limited to some essential provisions covering the most important Force Majeure issues and is particularly suited to use by SMEs, and expanded options in the Hardship Clause for termination and adaptation of contracts.
The updated ICC Force Majeure and Hardship Clauses are balanced models for use in international contracts in any jurisdiction, created to help parties negotiate and draft contracts and increase legal certainty also in this hard period.
The model clauses are intended to apply to any contract which incorporates them either expressly or by reference.
For any info write to: info@studio-luchetti.com