As the social and economic impacts of COVID-19 continue to unfold, it is expected that the pandemic will also impact on existing and future contractual obligations.
If you are entering into a contract to buy or sell a house, unit, commercial property or indeed if you are entering into any commercial arrangement, it is important that you consider what might happen if a party cannot perform an obligation under the contract or arrangement due to the impact of COVID-19 (i.e. what if a bank cannot provide the funds due to closures; what if a party is unavailable or their representative’s office closed?).
❓ Can rights be suspended?
❓ Should there be grounds to terminate?
❓ What happens to deposit or other moneys that have been paid?
Please inform yourself before entering into a contract and consider including appropriate special conditions to deal with such scenarios. Please contact us to discuss and to help negotiate the inclusion of relevant clauses in your contract.
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