Uncertainty prevails during Covid-19’s rein
Over the last four months, the world has looked on as a virus first gradually caused concern and then suddenly raged as an overwhelming pandemic.
Many nations have taken measures, some drastic, in order to flatten the curve of infections both domestically and globally. It has affected all segments of society and it appears as if the globe is holding its combined breath. Covid-19 and the resultant measures employed by nations everywhere have caused an unprecedented disruption to global trade. In fact, it may very well lead to a re-think of the global trading system (amongst other concepts) once we return to what is now-called the “new normal”. Undoubtedly the effects of Covid-19 will be felt long after a vaccine is readily available.
Businesses everywhere are confronted by a mulittude of issues ranging from employment issues, loss of sales, total or partial closure, supply chain problems, import and export restrictions to difficulty receiving payment for goods provided or services rendered. Suddenly everyone is talking of force majeure, a legal concept not often relied and not universal in its application.
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