Force majeure considerations in the “second wave” of Covid-19

When we originally published this article in April we used the term “potential” in respect of a second wave of Covid-19. Back then many countries were contemplating an easing of Covid-19 lockdown restrictions following a downturn in cases, and a second wave was discussed as a possibility. In the six months since, we have seen … Read more

When events intervene: Force majeure, frustration and material adverse change

When events take a dramatic turn, parties may be left unable to perform their contractual obligations, or may find that their counterparty is unable or unwilling to perform. In such circumstances, a party may be able to rely on contractual provisions, such as a force majeure or material adverse change (MAC) clause, to suspend its … Read more

Commercial Court considers contractual estoppel, entire agreement clauses and declaratory relief in dispute relating to 1992 ISDA Master Agreement

The Commercial Court has granted declaratory relief concerning a bank’s rights under an interest rate hedging arrangement governed by the 1992 ISDA Master Agreement: BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA [2020] EWHC 2436 (Comm). The decision is of particular interest for the court’s finding that it was appropriate to grant a declaration that certain non-reliance … Read more

European Commission’s Notice to Stakeholders confirms its view Hague Choice of Court Convention will apply to exclusive English jurisdiction clauses only if they are entered into after Brexit transition period ends

On 27 August 2020, the European Commission published a Notice to Stakeholders setting out the rules that, in the Commission’s view, will apply in the field of civil justice and private international law once the Brexit transition period comes to an end on 31 December 2020 – assuming no other agreement is reached. At that … Read more