MEMO: CONCERNING MARKETPLACE CONTRACT CHANGES IN RESPONSE TO COVID-19, AS WELL AS PROJECT-LEVEL CONSIDERATIONS FOR THE CONTRACTOR
You may recall the recently published Memo Concerning the Interplay of the Coronavirus (COVID-19) and Force Majeure Provisions in Contractor and Subcontract Agreements. The purpose of that memo was to advise our underwriters, agents, and contractors about the potential impact of the COVID-19 pandemic on contractual relations, as well highlight some general guidelines to consider and things to watch for.
It has not taken the market long to adapt. While some contractors (including accounts of our very own) are petitioning owners for relief due to the impact to manpower and schedule, some owners are working to ensure contractors’ remedies are expressly limited.
View the memo to see how others are adapting.