Contractual Agreements During And Post COVID-19

BACKGROUND

COVID-19 has had a major impact on contractual obligations all across the globe. The Pandemic has brought the world to a standstill. With nation-wide lockdowns being imposed in countries across the globe, the world is facing an economic crisis.

Parties have been unable to fulfil their Contractual obligations. The Pandemic has proven as a true test of the effectiveness of contracts. Sub-standard contracts have rendered a lot of parties remediless and have caused not just financial but reputational loss to businesses.

In the wake of the COVID-19, various elements of contracts have gained significance. These are the same aspects which were not even given a second glance. The essence and prominence of contractual clauses such as the Force Majeure Clause, the Termination Clause, the Suspension of Obligations Clause, the Notice Period Clause, etc have been brought to light.