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Temporary Relief for Inability to Perform Contractual Obligations Due to COVID-19 Situation
The Ministry of Law has just announced its intention to introduce the “COVID-19 (Temporary Measures) Bill”. The Bill will enable companies’ whose businesses have been adversely affected by Covid-19 to seek relief from fulfilling their contractual obligations such as paying rent, paying instalments on bank loans, fulfilling their construction contracts, etc for a period of six months. The Bill will cover the following categories of contracts: Leases or licences for non-residential immovable property (e.g. lease for factory premises); Construction contract or supply contract (e.g. contract for the supply of materials); Contracts for the provision of goods and services (e.g. [...]