Get-out clause

The economic downturn and fall in commodities prices have left many companies holding contracts that are now unfavourable. Julianne Hughes-Jennett and Alexander Anslow of Lovells discuss when force majeure and other clauses can be used to cancel or renegotiate contracts

With the worsening economy and fluctuating energy prices in response to declining global demand, a number of major players in the market have sought to cancel or renegotiate contracts in response to changed economic circumstances. Even seemingly watertight contracts have come under scrutiny; such is the pressure to find savings in a difficult market.

There are a number of contractual provisions, such as force majeure (FM) and price review clauses, that are being examined as corporates attempt to

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