COVID-19 and interim relief for stay of enforcement of bank guarantees

Victoria García Verón, Álvaro López de Argumedo.

2020 Investment Arbitration Outlook Uría Menéndez, n.º 6

The COVID-19 crisis is having a significant impact on the construction sector, with many contractors unable to comply with their contractual obligations in a timely fashion. Given the exceptional nature of the COVID-19 pandemic and the actions taken to prevent its spread and effects, both of which underpin the declaration of a state of emergency in several countries, the resulting situation could legitimately be classed as a force majeure event or warrant the application of the doctrine.

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