As business has slowed due to the coronavirus pandemic, anxiety about supply chain disruption has increased. One step any company struggling to meet its obligations under contracts can take is to review its distribution, event and supply contracts for a clause known as the Force Majeure Clause. This clause is present in most commercial contracts and serves to excuse a party’s performance of its obligations under the contract when circumstances beyond the party’s control arise to make performance impossible. Recent governmental actions taken to combat COVID-19 and the resulting closures, shortages and limitations on public gatherings are likely to generate an increase in the number of parties hoping to avoid having to perform under contracts.
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As the economic stress of the COVID-19 pandemic continues to increase daily, lawmakers around the country are coming under increased pressure to shift economic losses onto the insurance industry, much as was done after the September 11th attacks. Many businesses carry Business Interruption (“BI”) insurance, either as part of their commercial property insurance or as a freestanding policy. BI coverage protects against economic losses resulting from a business’s inability to put insured property that has been damaged by a covered “peril” to its normal use.
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In January's Small Business Spotlight, we interview two successful Portland entrepreneurs, Meg Adamson and Sara Pedrosa, co-owners of Gold Standard Studio. Check out their business insights and advice.
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