Continental Resources Inc. ("CLR") declared force majeure on at least one of its oil-delivery contracts after crude futures collapsed to negative territory for the first time in history. In a company statement CLR stated, "Certainly this pandemic has brought about conditions under which force majeure applies" in response to the unforeseeable circumstances of COVID-19 and the global oil supply troubles.
Presently, it does not appear that any official legal challenge of the invocation of the force majeure has arisen.
For more information about force majeure provisions in general as well as during this COVID-19, please see our prior post on the matter: https://www.fazziolaw.com/blog/covid-19-relief-law-force-majeure.cfm
Post a comment
Post a Comment to "COVID-19 Relief Law - Force Majeure update"To reply to this message, enter your reply in the box labeled "Message", hit "Post Message."