Novations carry certain features that make them distinct from other types of similar agreements.
A lockbox agreement is used in “lockbox banking”, a service implemented by banks which enables companies to securely and conveniently accept payments at specified post office boxes in lieu of having the payments go directly to the companies.
Did you fail to spell out “pandemic” or “disease” in your force majeure clause? Or fail to include a force majeure clause altogether in your contract? Should you have foreseen the chaos caused by COVID-19? The language of contracts will likely be changed forever in the wake of the disruption to businesses as a result … Read more
Force Majeure is a legal definition encompassing a collection of unlikely yet not impossible hindrances to performance in a contract – such as a fire, a flood, an Act of God, or possibly a global pandemic among other things. A force majeure clause in a contract generally excuses any or all delays in performance as … Read more
In the midst of what has now been declared a pandemic by the World Health Organization, the pursuit of not only a vaccine, but an outright cure, is underway. President Trump and Vice President Mike Pence met with 7 “Big Pharma” companies to prioritize addressing the Coronavirus outbreak either through antiviral drugs or developing vaccines.1 … Read more