Early Contract and Charterparty Review (Part 2 of Economic Crisis Series)
Contractual levers and measures Part 2 of our series on how to deal with an economic crisis – a guide for international businesses. Damon Thompson discusses the importance of reviewing your contracts and charterparties at an early stage in an economic downturn, as well as some key provisions to look out for following the outbreak of COVID-19. As liquidity tightens across the economy, parties will increasingly look to tighten the belt. Being on top of your charterparty provisions and understanding exactly where you stand is the first step for a company being ready to combat any speculative claims. Damon has years of experience in the legal industry, including eight years at a major energy trading company, so is well aware of what practical steps a company can take to protect its position. Damon looks at standard form exclusion clauses, safe port warranties and what parties can do now to protect their position over the coming weeks and months. If you have any questions, or would like someone to have a close look at your charterparty/contractual terms, please speak to Damon or your usual ZFZ contact.