Welcome to Behind the Deal: Unveiling the Complexities of Global Commodities & International Trade, a quarterly thought leadership series where we delve into the most pressing issues and emerging trends within the commodities and international trade sector. In collaboration with leading experts in the field, we aim to provide you with invaluable insights, practical advice, and strategic guidance to navigate the complexities of global trade markets.
This series is designed to tackle key challenges facing businesses engaged in the international trade in commodities, international transportation and infrastructure, and the financing of these activities. Each quarter, we will explore a new topic through an in-depth article, followed by an interactive webinar that breaks down complex concepts, offering actionable strategies and solutions.
You can expect to gain a deeper understanding of critical issues, such as force majeure, structured trade finance, and price dispute management.
Whether you are looking to mitigate risk, optimise your trade practices, or stay ahead of market developments, Behind the Deal is here to equip you with the knowledge you need to succeed.
Additionally, we offer personalised training and follow-up discussions to further support you in addressing the unique challenges of your industries – so get in touch!
TOPIC 1:
Force Majeure and You – Outrunning the Unpredictable
Read Article | Watch Webinar (Coming up – Stay tuned)
In this episode, we discuss the concept of “force majeure” and best practice in making or defending a claim of force majeure in case of unforeseen or catastrophic circumstances.
Force majeure is not a ‘term of art’, and the nuances of a force majeure claim depend on the express wording of the underlying contract. Close attention should be paid to every word of the relevant contractual provisions and careful thought must be given to the evidentiary burden of proving the force majeure event in question. Best practice in dealing with force majeure provisions is therefore to consider how the contractual performance is affected in unforeseen and/or catastrophic circumstances, bearing in mind the context of each specific industry or transaction in question.
Key Takeaways:
- importance of precise force majeure wording to cover unforeseen events;
- economic hardship and climate change events may not automatically qualify as force majeure; and
- best practices for collecting evidence to support or defend force majeure claims.
