1. Force Majeure - Meaning. The term ‘force majeure’ translates literally from French assuperior force. It is also generally defined in the Merriam Webster dictionary as ‘an event or effect that cannot be reasonably anticipated or controlled’ ...
Across the country, construction projects of every nature are impacted by the COVID-19 pandemic. The situation and governmental response to the pandemic continue to evolve, and owners must keep abreast of these changes to ensure they manage their construction projects appropriately. There are a litany of issues, legal and practical, that owners need to assess when deciding how to manage ongoing projects and those in the pipeline ...
In passing the $2.2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES), Congress provided much-needed relief to project owners by making it easier to modify construction loans. Under the Act, an owner may qualify for a forbearance arrangement, an interest rate modification, or a repayment plan, among other options, and the modification does not adversely impact the credit of the borrower ...
This newsletter explains the consequences of the texts adopted by the government on the withdrawal period granted to the non-professional buyer (i), the fulfilment of the conditions precedent provided for in the sale commitment (ii) and the notarial deed of sale (iii). (i) THE WITHDRAWAL PERIOD When the legal withdrawal period of 10 days which the non-professional purchaser has following the signature of a sale commitment (Article L ...
Minister of Public Works and Housing recently issued Instruction No. 02/IN/M/2020 on the Protocol for Preventing the Spread of COVID-19 in Construction Works (“MPW Instruction 02/2020”). This instruction is a follow up to President Joko Widodo's instructions related to COVID-19 prevention efforts and the emergency status in Indonesia due to the COVID-19 pandemic up until 29 May 2020 declared under Head of the National Disaster Management Agency Decree No ...
Mortgage servicers are currently being inundated with requests from borrowers impacted by COVID-19 for forbearance and other types of payment relief. Tracking, making sense of, and then complying with the guidance and requirements that are being issued and then modified – seemingly on a daily basis – by the federal government, the GSEs, and various states is proving to be a challenge for many, especially at a time when resources may already be limited or stretched thin ...
With the recent and rapid spread of COVID-19 in the U.S., government contractors have already started experiencing contract performance delays, which inevitably will have a significant financial impact ...
Last month, Waller published an article (Bank Interagency group offers guidance on working with borrowers affected by COVID-19) analyzing guidance issued by the federal financial regulatory agencies encouraging lenders to “work constructively with borrowers” and offer loan modification programs in a safe and sound manner to mitigate the adverse effects of COVID-19 ...
We have recently witnessed several Swedish governmental decisions and recommendations that restrict citizens and businesses, in order to reduce social contact due to the outbreak of Covid-19. However, so far the authorities have not made any decrees that force tenants to close their businesses, such as restaurants and shops, or that prevent landlords from fulfilling their duty to provide the premises ...
Integrated projects are pointing to the future of land use in increasingly crowded Singapore, but will they become white elephants as technology brings us (virtually) closer together than before? As an Alpha+ world city, Singapore sits alongside commercial powerhouses like Beijing, Paris and Sydney as one of the world’s most globalised cities ...
You’ve read the qualifying language before: across the country, construction projects are being impacted by the COVID-19 pandemic. We thought it important to prepare guidelines to assist contractors in navigating the situation from a risk management perspective. The situation is dynamic and will change quickly. A one-size-fits-all solution does not exist, and this global challenge continues to evolve. What works today may not address tomorrow’s needs ...
Chances are your business has been interrupted by the Coronavirus epidemic, and if you rent space, you are considering how to obtain rent concessions from your landlord. Most likely, your lease will not give you an express right to rent abatement if your use is precluded by a "shelter-in-place" order or other government action ...
On March 31, 2020, Alameda, Contra Costa, Marin, San Francisco, San Mateo, and Santa Clara counties plus the City of Berkeley issued new Shelter-in-Place orders, further restricting construction and extending Shelter-in-Place restrictions until May 3, 2020. Under the new orders, most construction, including residential and commercial, is now prohibited. Healthcare, low income housing, specially designated public works projects, shelters, and temporary housing projects may continue ...
While relief has been granted for federal and California income tax filing and payment obligations (see prior coverage here and here) the same cannot be said for local property tax obligations. To avoid penalties, the next payment deadline for California property taxes remains April 10, 2020. Property tax payment deadlines are set by California state law and cannot be extended by either the Board of Equalization or local county assessor offices (see BOE statement) ...
On March 27, 2020, the Government of Alberta announced new measures to address residential tenancy issues arising during and as a result of the COVID-19 pandemic. Max Carroll and Jeffrey Hernaez of our Vancouver office wrote yesterday about similar measures put in place in British Columbia ...
Given below is the link to the article on the captionedsubject. The article discusses the impact of COVID-19 on the Real Estate sector as India’s largest employer and the recent measures announced by the Reserve Bank of India (RBI).The article authored by Divya Malcolm, partner, Kochhar & Co. Mumbai has been published online on Governance Now. Please click the link below to read… http://www.governancenow ...
We are facing a Coronavirus (Covid-19) pandemic and, as a result, administrative solutions have been adopted and a state of emergency has been declared. All this has had an impact on the whole of the economy and it has also had serious adverse effects on works contracts in progress ...
On 11 March 2020, the World Health Organization declared a public health emergency of international concern (PHEIC) following the spread of SARS-CoV2 (Coronavirus) and disease it causes, Covid-19. Subsequently, on 18 March 2020, a state of emergency was declared in Portugal. Against this background, a legislative package has been approved and published, and this package has established exceptional and temporary measures relating to the spread of COVID-19 ...
The current coronavirus crisis has created unprecedented challenges for those in the construction industry. While many states have exempted construction activities from their shelter-in-place or stay-at-home orders, projects have nonetheless been impacted and cash flow from owners or contractors may slow or halt. As a result, contractors, subcontractors, and suppliers must be vigilant to protect their ability to receive payment on projects where cash flow might become problematic ...
The CARES Act was signed into law on March 27, 2020 and provides emergency relief for the American economy by imposing certain restrictions on eviction, forbearance for certain loans, and foreclosure relief for owners of single-family and multi-family assets secured by federally-insured mortgages. The following is a summary of the relevant provisions. A ...
On March 27, 2020 California Governor, Gavin Newsom, issued Executive Order N-37-20 (“Order”), temporarily restricting the ability of landlords to evict residential tenants for nonpayment of rent if the failure to pay rent is due to the impacts of the COVID-19 Coronavirus (“COVID-19”) ...
UK law firm Shoosmiths has been mobilising its legal advisors and support staff to keep its clients up-to-date on the many potential impacts of the coronavirus outbreak. Its free, online COVID-19 hub is already packed with a wealth of information on topics that might have both short and long-term effects on business ...
The COVID-19 pandemic is having a wide-ranging impact on the U.S. real estate industry, particularly on the relationship between landlords and tenants. In order to better understand impending risks, both landlords and tenants should review their leases and insurance policies and consult real estate counsel before taking action. A sampling of leasing issues arising during the COVID-19 pandemic is set forth below ...
There is expected to be a natural slowdown in the completion of real estate transactions in the coming weeks/months. The more immediate effects of the current situation, and of the administrative measures that continue to be adopted to control the pandemic, are especially reflected in relationships that have already been established ...
