Newsletter No. 119 (EN)

Comparison of commonly-used

Force Majeure and Hardship Clauses in International

March 2020

All rights reserved © Lorenz & Partners 2020

Newsletter No. 119 (EN)

Although Lorenz & Partners always pays great attention on updating information provided in newsletters and brochures, we cannot take responsibility for the completeness, correctness or quality of the information provided. None of the information contained in this newsletter is meant to replace a personal consultation with a qualified lawyer. Liability claims regarding damage caused by the use or disuse of any information provided, including any kind of information which is incomplete or incorrect, will therefore be rejected, if not generated deliberately or grossly negligent.

1. Introduction The English translation of is “”, indicating that such circumstances can- When drafting international contracts, a matter not be foreseen. However, precautionary of particular concern is to focus on unforeseen measures may be necessary (e.g. if a factory is circumstances that may lead to substantial prob- near the sea, the owner must be prepared for lems and cost. Questions may arise, such as: certain levels of flooding).  Who will be responsible if a ship with ur- gent cargo for a construction site is dam- Hardship, in contrary, is based on the fact that aged by a heavy storm and the cargo is the underlying circumstances of the lost? change in a way the parties did not foresee at the  Who is responsible for the delay in com- time of concluding the contract, and although in pleting the construction work and sub- principle the contractual obligations are still ful- stantial penalties that might incur? fillable, it does not make sense from an eco- nomic viewpoint. Example: The seller of a spe- Due to recent events, we included a case cific object looses the object in the ocean. In study in this newsletter to examine the effect principle, he must try to recover it from the bot- of the coronavirus disease 2019 (COVID-19) tom of the ocean, which is theoretically possible, on contractual obligations. but obviously does not make economic sense.

Force majeure applies to cases where perfor- The legal consequences of both doctrines are mance has become (temporarily) impossible very different. Consequence of force majeure is due to an event beyond one party’s control alt- that one party cannot fulfil its contractual obli- hough all reasonable precautionary measures gations () and is therefore relieved had been taken. from such obligations during the time of force majeure. The legal consequence of hardship is Hardship deals with cases where the agreed that the party for which the underlying circum- performance is basically still possible. However, stances did change substantially can basically still some underlying facts have substantially fulfil its contractual obligations and perform the changed, so that proper fulfilling of the contrac- contract, but the performance became econom- tual obligations is still possible in principle, but ically worthless. does not make any economic sense. Depending on the contractual agreement be- It is important to understand that force majeure tween the parties or the material and/or the and hardship are two different principles, even agreed legal consequences with regards to force if they sometimes are treated as the same. They majeure or hardship, the contract will be ad- are different in their preconditions and in their justed to the circumstances automatically, or the legal consequences. To apply force majeure to a parties will have to re-negotiate the contractual case, the legal obligations of a party must be- details that are affected by the changed circum- come impossible for everybody due to circum- stances (most likely the purchase price and delivery stances that nobody can avoid (e.g. caused by a ma- date). jor earthquake).

 Lorenz & Partners March 2020 Page 2 of 11 Tel: +66 (0) 2 287 1882 Email: [email protected]

Newsletter No. 119 (EN)

Most national and international conven- the parties taking extreme care, was not avoida- tions contain provision on force majeure ble. and/or hardship. The question remains who is responsible for the – The United Nations Convention on Con- non-performance of the contract due to the tracts for the International Sale of Goods force majeure event. In order to avoid disputes (“CISG”) contains a force majeure clause, and risks of interpretation, force majeure clauses however, it does not contain any rules on have been included in a great number of inter- hardship.1 national commercial sources of law to essen- – The principles of the International Insti- tially dispense both parties from liability or their tute for the Unification of Private Law obligations when an extraordinary event or cir- (“UNIDROIT”) contain provisions cumstance beyond the control of the parties oc- dealing with force majeure and hardship. curs. The occurrence of a force majeure event – The rules of the International Chamber of leads to the – at least temporary – suspension of Commerce (“ICC”) also contain provi- the primary obligations of both contracting par- sions dealing with force majeure and ties. Either party has to bear the adverse conse- hardship. quences of non-performance or the delay in – There are various other contract terms is- performance. As a consequence, the liability dis- sued by renowned international associa- penses and the other party is unable to claim tions, such as the Fédération Internatio- compensation for damages. nale Des Ingenieurs-Conseils (“FIDIC”), which include a force majeure clause. It 2.2. Hardship has to be noted that the FIDIC terms fo- cus on contracts concerning construction In case of hardship, the performance of the con- and engineering projects. tract is not impossible, but hindered. Hardship is defined as any event of legal, technical, politi- 2. Definition and Purpose cal or financial nature occurring after the con- clusion of the contract, which was unforeseea- 2.1 Force Majeure ble at the time the contract had been formed, despite using the utmost care. In general, hard- Force majeure is French and stands for higher ship does not cause the impossibility of perfor- force. Force majeure means unavoidable events mance, but allows for renegotiation of the con- such as natural disasters of all kinds, especially tract. storms, earthquakes, flood, volcanic eruption, but also fire, traffic accidents, kidnappings, wars, Hardship clauses typically recognise that parties riots, revolution, terrorism, sabotage and strike. must perform their contractual obligations even Force majeure regularly requires an unexpected if events will render performance more difficult occurrence of such events. However, a force than one would reasonably have anticipated at majeure event has to be denied if the parties the time of the conclusion of the contract. How- must expect such incident to happen, e.g. floods ever, where continued performance has become that occur repeatedly in the same region or fires excessively burdensome due to an event beyond in dry countries, and one party neglected to take a party’s reasonable control, a the respective precautions. A force majeure can oblige the parties to negotiate alternative event, therefore, could be generally described as contractual terms. The purpose of a hardship an event that affects the contractual relationship clause is to provide a higher level of flexibility unpredictably from the outside and that, despite and to balance the risk between the parties.

1 In a landmark decision, the Belgian Supreme Court (19 in the CISG, although UNIDROIT principles were not June 2009, case number: C.07.0289.N) therefore ap- agreed upon between the parties. plied the UNIDROIT principles to close this loophole

 Lorenz & Partners March 2020 Page 3 of 11 Tel: +66 (0) 2 287 1882 Email: [email protected]

Newsletter No. 119 (EN)

The principle of hardship is particularly influ- 3.2 Force Majeure in French Law enced by and the equitable rights of the Anglo-American legal system to find a Force majeure is defined by the Art. 1218 of balance under the principle of equity and good the French Civil Code as follows: faith. “The occurrence of an event which is beyond the 3. Force Majeure in Codified Law control of the obligor, which could not have been reasonably foreseen at the time of the entry into 3.1 Force Majeure in German Law the contract and the effects of which cannot be avoided by appropriate measures and which The term “force majeure” (“höhere Gewalt”) oc- prevents performance of its obligation by the ob- curs in §§ 651a seq. BGB, which regulate the ligor”. travel law. In addition, the idea of force majeure is also recognised in § 275(1)-(3), § 326(1), (5) This definition requires only irresistibility and and §§ 323 seq. BGB. unpredictability. If the effects are temporary, the performance of the obligation is sus- Example: pended unless the delay resulting therefrom justifies termination of the contract. If the ef- A vendor and a purchaser conclude a contract fects are permanent, the contract is automat- on the delivery of five tons of specific rice. The ically terminated, and the parties are dis- vendor sorts out those five tons and stores them charged of their obligations. in another (well-built) warehouse ready for de- livery. Due to an exceptionally heavy storm, the 3.3 Force Majeure in US Law warehouse and the rice are destroyed during the night. In US Law there is no codified definition of force majeure. The enforceability of force Solution: majeure clauses is highly dependent on the specific state law, the wording of the clause The rice is destroyed because of the storm. This and the court’s interpretation. Therefore, is an unavoidable event of superior power companies must be aware of how force which the parties could not have foreseen at the majeure clauses are interpreted and enforced time of the conclusion of the contract. As the in the particular state. Nevertheless, as the US vendor already finished the ascertainment of contract law supports the principle of free- goods by sorting out the rice and storing it in dom of contract, so it is a good idea to imple- another warehouse, the performance of the de- ment a force majeure clause as it is mostly not livery of exactly these five tons of rice is now construed into a contract by the courts. impossible for the vendor and everyone else, § 275(1) BGB. Accordingly, the right of the pur- 3.4 Force Majeure in Thai Law chaser to demand delivery is barred by this, § 275(1) BGB. On the other hand, the vendor Section 8 of the Civil and Commercial Code cannot claim damages, § 326(1) BGB. The pur- of Thailand defined force majeure as follows: chaser has the opportunity to withdraw from the contract, § 326(5) BGB, without having to “Any event the happening or pernicious result set a time limit. Thus, the performances ex- of which could not be prevented even though a changed have to be returned, e.g. the deposit the person against whom it happened or threatened purchaser had to pay. to happen were to take such appropriate care as might be expected from him in his situation and in such condition.”

 Lorenz & Partners March 2020 Page 4 of 11 Tel: +66 (0) 2 287 1882 Email: [email protected]

Newsletter No. 119 (EN)

Apart from that, force majeure is mentioned 3.6.2 Applicability and recognized by other laws as well, such as the Civil Procedure Code. Moreover, com- CISG law is directly applicable to contracts for mon contract templates used in the country the sale of goods between parties whose places usually include force majeure clause. Within of business are in different member states the limitation of the law, e.g. the Unfair Con- (Art. 1(1)(a) CISG). CISG is also applicable in tract Terms Act, the parties may agree to de- case only one of the parties is a resident in a fine certain circumstances as force majeure in CISG member state and the contract between their contract. the parties refers to the material law of this state (Art. 1(1)(b) CISG). Even if neither party is res- 3.5 Force Majeure in Vietnamese Law ident in a member state, the CISG can be appli- cable when the parties expressly agree on its ap- Art. 156 of the Civil Code defines force plication for their legal relationship. CISG de- majeure as follows: fines its own territorial criteria of application without the need to resort the rules of private “An event which occurs in an objective manner international law. For sales contracts concluded which is not able to be foreseen and which is prior to the ratification of the CISG, Article not able to be remedied by all possible necessary 100(2) CISG applies: and admissible measures being taken.” “This Convention applies only to contracts con- The consequences of force majeure are stip- cluded on or after the date when the Convention ulated in Art. 420 para. 2 and 3 of the Civil enters into force in respect of the Contracting States Code: referred to in subparagraph (1)(a) or the Contract- ing State referred to in subparagraph (1)(b) of ar- “2. Where circumstances change substantially, ticle 1.” the party whose benefits are affected has the right to request the other party to re-negotiate 3.6.3 Definition the contract within a reasonable period of time. 3. Where the parties are unable to reach agree- According to Art. 79(1) CISG, a party is not lia- ment on amendment of the contract within a ble for failure to perform any of its obligations reasonable period of time, either party may re- if it proves that the failure was due to an imped- quest a court to: iment beyond the party’s control and that such (a) Terminate the contract at a definite time; party could not reasonably be expected to have […]” taken the impediment into account at the time of the conclusion of the contract or to have 3.6 Force Majeure in the CISG avoided or overcome it or its consequences. If a party is able to prove these requirements, it is 3.6.1 About the CISG relieved from its liability of performance and the other party cannot claim any further rights. CISG is a treaty offering an uniform interna- tional sales law that has been ratified by 93 coun- 3.7 ICC Force Majeure Clause 2003 tries. This makes the CISG one of the most suc- cessful international uniform laws. It should be 3.7.1 About the ICC noted, however, that the application of the CISG is often excluded by the parties. The ICC is the largest, most representative busi- ness organisation in the world. Objective of the ICC is to promote international trade and to support international businesses to face chal- lenges and opportunities of globalisation. By

 Lorenz & Partners March 2020 Page 5 of 11 Tel: +66 (0) 2 287 1882 Email: [email protected]

Newsletter No. 119 (EN)

issuing contract rules, an efficient settlement of proves that the failure was due to an impedi- international transactions is promoted. ment beyond its control and that it could not reasonably be expected to have taken the im- 3.7.2 Definition pediment into account at the time of the con- clusion of the contract or to have avoided or § 1 of the ICC Force Majeure Clause states that overcome it or its consequences. The article in order to be considered force majeure, there does not restrict the rights of the party who has must be an impediment due to failure, (which is not received performance to terminate the con- similar to Art. 79 CISG) . § 2 is designed specif- tract if the non-performance is fundamental. ically on the basis of Art. 79(2) CISG and is in- Where applicable, it states to exclude the non- tended to make it clear that a contracting party performing party from liability in damages. In can invoke the clause where a party fails to per- some cases, the impediment will prevent any form its duties towards the other contracting performance at all but in many others, it will party because of non-performance of a third simply postpone performance. party. § 3 of the ICC Force Majeure Clause pro- vides a list of force majeure events, which in- 3.9 Force Majeure in the FIDIC Con- cludes, for example, war, explosions, natural dis- tract Samples aster, strikes etc. As a legal consequence, the party who fails to perform and claims force 3.9.1 About the FIDIC majeure will be relieved from liability without having to face any claims of the forfeiting party The FIDIC, the International Federation of and the other party is released from their obliga- Consulting Engineers, represents members of tions as well. the engineering industry. As such, FIDIC pro- motes the interests of the construction and en- 3.8 Force Majeure in the UNIDROIT gineering industry. Founded in 1913, FIDIC to- Principles day numbers 102 member associations repre- senting approx. 1 million professionals. FIDIC 3.8.1 About the UNIDROIT also publishes international contract samples and business practice documents. The UNIDROIT is an independent intergov- ernmental organisation. Its purpose is to study 3.9.2. Definition needs and develop methods for modernising, harmonising and coordinating private interna- The “Red Book” (concerning construction con- tional law and in particular be- tracts), the “Yellow Book” (concerning con- tween states, and to draft international regula- tracts on plants and their design) and the “Silver tions to address the needs of the members. Book” (concerning EPC (Engineering, Procure- Membership of UNIDROIT is restricted to ment and Construction) contracts) all contain a states adhering to the UNIDROIT Statute. force majeure clause in their Art. 19. The clause UNIDROIT’s currently 63 member states rep- is a combination of a new provision for defined resent a variety of different legal, economic and events of force majeure, and a new wording of political systems as well as different cultural a provision covering impossibility (or illegality) backgrounds. of performance. Clause 19.1. defines force majeure as an event beyond the control of the 3.8.2 Definition employer and the contractor, which makes it impossible or illegal for a party to perform, in- The UNIDROIT Principles of International cluding but not limited to war, hostilities, rebel- Commercial Contracts 2010 contain a force lion, contamination by radio-activity from any majeure clause in Art. 7.1.7. This rule excuses nuclear fuel or riot. non-performance by a party if such party

 Lorenz & Partners March 2020 Page 6 of 11 Tel: +66 (0) 2 287 1882 Email: [email protected]

Newsletter No. 119 (EN)

4. Hardship Codification in Law 4.3 Hardship in US Law

4.1 Hardship in German Law In the US contract law, there is no common definition of hardship. Nevertheless, hard- § 313(1) BGB states that a contract must princi- ship clauses can be used, but it is difficult to pally be renegotiated if an event occurs which create the hardship if the relevant event is too fundamentally alters the present contract and vague. Therefore, a force majeure clause in places an excessive burden on one of the party’s combination with the requirement to firstly performance making the adherence to the con- renegotiate the contract accomplishes what a tract unreasonable. In case renegotiation is im- hardship clause could provide in other legal possible, the disadvantaged party can withdraw systems. from the contract. This hardship clause derives from the idea of in § 242 BGB and 4.4 Hardship in Thai Law restricts the basic principle “pacta sunt servanda”. Since the principle of hardship is generally 4.2 Hardship in French Law and originally adopted in common law legal system, Thai law, particularly the Civil and Art. 1195 of the French Civil Code stipulates Commercial Code, only mentions force the following: majeure. However, since a hardship clause does not contradict public order or good “If a change in circumstances that was unfore- morals, it can still be agreed by the parties and seeable at the time of the conclusion of the con- added into the contract upon the doctrine of tract renders performance excessively onerous freedom of contract. for a party who had not accepted the risk of such a change, that party may ask the other 4.5 Hardship in Vietnamese Law contracting party to renegotiate the contract”. The concept of hardship is known under Vi- “The requesting party must continue to perform etnamese law and may under the freedom of its obligations during the renegotiation. In the contract be specified in contractual agree- case of refusal or the failure of renegotiations, ments the parties may agree to terminate the contract from the date and on the conditions which they 4.6 Hardship in CISG determine, or by a common agreement ask the court to set about its adaptation. In the absence The CISG does not contain a hardship clause, of an agreement within a reasonable time, the and the prevailing opinion is that Art. 79 CISG court may, on the request of a party, revise the does not hardship. Renegotiation is there- contract or put an end to it, from a date and fore not an option. subject to such conditions as it shall deter- mine”. 4.7 ICC Hardship Clause 2003

The clause expressly states that it does not ap- Paragraph 1 of the ICC Hardship Clause recog- ply to a party who has assumed the relevant nises that parties must perform their contractual risk. Therefore, it is recommended that par- obligations even if ties endorse wording specifically stating that risk of hardship is assumed. “events have rendered performance more onerous than would reasonably have been anticipated at the time of the conclusion of the contract.”

 Lorenz & Partners March 2020 Page 7 of 11 Tel: +66 (0) 2 287 1882 Email: [email protected]

Newsletter No. 119 (EN)

However, according to paragraph 2, the contract to stipulate when and how the par- ties will rearrange the contractual terms in the “if continued performance has become excessively event the contract loses its economic balance. onerous due to an event beyond a party’s reasona- ble control which it could not reasonably have been 5. Similarities and Differences in the expected to have taken into account, the parties International Force Majeure and shall negotiate alternative contractual terms which Hardship Clauses reasonably allow for the consequences of the event.” Please refer to the table in Annex I. According to paragraph 3, the party invoking the hardship clause is entitled to terminate the 6. Conclusion contract in case alternative contract terms can- not be agreed upon. The aforementioned rules and regulations are just examples for the variety of regulations avail- 4.8 Hardship in the UNIDROIT Prin- able to deal with force majeure and hardship ciples events. Due to this, the parties have to take a closer look at what they believe is necessary to Art. 6.2.2 of the UNIDROIT Principles of In- be regulated in the contract itself. Different con- ternational Commercial Contracts 2010 defines tracts need different clauses on diverse grounds. hardship as a situation where the occurrence of There needs to be an evaluation on what exact events fundamentally alters the contract, pro- purpose the clause shall serve in the individual vided that those events meet the requirements case. which are laid down in subparagraphs. This also shows that Art. 6.2.2 is not exhaustive but has 7. Case Study: COVID-19 and Force to be adjusted by the parties to fit their needs. Majeure

Under the UNIDROIT Principles of Interna- Due to the recent outbreak of the corona- tional Commercial Contracts 2010, hardship has virus disease 2019 (COVID-19), caused by effects both in procedural and material law (Art. the SARS-CoV-2 virus, questions relating to 6.2.3). The disadvantaged party can request re- the failure of contractual performance have negotiation. If this party fails to do so, it does become particularly relevant. The World not lose this right. However, this failure may af- Health Organization (“WHO”) has an- fect the finding as to whether hardship actually nounced on 30 January 2020 that COVID-19 existed. If the parties fail to reach an agreement constitutes a public health emergency of in- on how to amend the contract according to the ternational concern. Thus, the question arises changed circumstances within a reasonable whether contractual parties affected by the re- time, Art. 6.2.3(3) authorises either party to re- cent outbreak of COVID-19 and/or corre- sort to the court. Paragraph 4 provides legal sponding government restrictions might be consequences (termination/contract adaption) exempt from their contractual performance for the court to deliver judgement in these cases. and/or liability under certain circumstances.

4.9 Hardship in the FIDIC Contract Sam- Due to governmental shutdown of factories ples and the quarantine of whole cities, many con- tracts cannot be fulfilled as agreed, as these The major FIDIC contract samples do not con- measures led to severe disruptions to both in- tain hardship clauses. In large projects, where bound and outbound shipments. This im- the performance of the parties’ contractual obli- peded countless supply chains and may result gations is spread over several years, the parties in companies being unable to fulfil their con- might thus consider to add a hardship clause to tractual obligations.

 Lorenz & Partners March 2020 Page 8 of 11 Tel: +66 (0) 2 287 1882 Email: [email protected]

Newsletter No. 119 (EN)

Nevertheless, the unheard scale of close- Whether the outbreak of COVID-19 or any downs and the quarantine of many millions corresponding circumstances meet the con- of people represents a unique situation. tractual or statutory prerequisites to qualify as The China Council for the Promotion of Inter- force majeure or hardship depends on the national Trade (“CCPIT”) has set up an online agreed contractual provisions, e.g. whether platform in order to issue Force Majeure Certif- the contract provides for categories or de- icates to qualifying applicants who can provide fined events expressly qualifying as force legitimate documents proving delays or cancel- majeure or hardship. Generally, it has to be lation of transportation and/or export con- assessed whether the outbreak was beyond tracts. According to CCPIT, this aims to “help the parties’ control and whether it has im- enterprises minimize liability for contracts that cannot be pacted performance to the extent required. fulfilled due to the epidemic and safeguard their legitimate rights and interests”. Force majeure is given if the clause does ex- plicitly include disease, epidemic, quarantines It has to be noted, however, that such Force or similar. Indeed, the outbreak of epidemics Majeure Certificates will only indicate but not must not be seen as an unforeseeable event as prove the occurrence of force majeure or hard- the emergence of new viruses is a given sci- ship. entific fact.

 Lorenz & Partners March 2020 Page 9 of 11 Tel: +66 (0) 2 287 1882 Email: [email protected]

Annex I:

Similarities and Differences in the International Force Majeure and Hardship Clauses

Force Majeure Basic Principle Requirements Legal Consequences o Impossibility of performance § o Claim of equivalent is dis- 275(1) BGB for liable party or pensed; relief from liability everyone; or “Pacta sunt ser- o § 326(1) BGB: Option for §§ 326(1), (5), o Refusal of performance because vanda” as an influ- disappointed party: Rescis- of maladjustment to equivalent, 275(1)-(3) ence of the sion of the contract § § 275(2) BGB; or BGB Roman law 326(5), 323(1) BGB, but o Refusal of performance in case benefits have to be returned, of duty to perform in person if § 346(1) BGB. performance is unacceptable o Impediment, beyond party’s con- trol o Enumeration of events not being Rather be fair as an ICC Force exhaustive in para. 2 influence of the Relief from liability, no further o Not reasonably foreseeable at the Majeure common law sys- rights for disappointed party time of the conclusion Clause 2003 tem o Impediment was not reasonably avoidable o Duty of notification o Failure due to an impediment be- yond a party’s control Influenced by com- o Not reasonably foreseeable at the mon law, based on Relief from liability, no further time of the conclusion Art. 79 CISG precedents rather rights for disappointed party o Impediment or consequences than statute law were unavoidable o Party who fails must give notice o Non-performance due to an im- pediment beyond a party’s con- trol Art. 7.1.7 Influenced by Com- o Not reasonably foreseeable at the Relief from liability, no further mon Law aiming to UNIDROITS time of the conclusion rights for disappointed party be fair and equitable Principles o Impediment or consequences were unavoidable o Party must give notice o Payment to contractor if work suffers loss or damage, Art. 19.5 FIDIC o Optional termination if the effects of force majeure o Event beyond control of Em- Drafted with a com- continue for a period of 182 ployer or Contractor mon law back- days, Art. 19.6 FIDIC o Which makes it impossible or ille- ground following o In case of termination, pay- Art. 19 FIDIC gal for a party to perform laws based on previ- ment has to be carried out o Enumeration in Art. 19.1 not ex- ous rulings according to the value of the haustive work done, Art. 19.6 FIDIC o Same payment has to be made, if performance is re- leased due to law of the con- tract

All rights reserved © Lorenz & Partners 2020

Hardship Basic Principle Requirements Legal Consequences o Circumstances that concern the contractual basis “Pacta sunt ser- § 313(1) BGB: Adjustment of the o Changed onerously after the § 313(1), (3) vanda” as an influ- contract; if adjustment is not pos- conclusion of the contract ence of the Roman sible, disadvantaged party can re- BGB o Parties would not have con- law sign from contract, § 313(3) BGB tracted if they had foreseen these changes o Continued performance of con- tractual duties has become exces- sively onerous due to an event Rather be fair as an beyond parties’ control ICC Hardship influence of the Disadvantaged party can demand o Not reasonably foreseeable at Common Law Sys- renegotiation Clause 2003 the time of the conclusion tem o Could not reasonably have avoided the event or its conse- quences CISG N/A o Occurrence of events fundamen- tally altering the equilibrium of the contract o Either because the costs of the performance have increased o Or because the value of the per- Art. 6.2.2 Affected by Com- formance a party Disadvantaged party can demand mon Law aiming to UNIDROITS receives has diminished renegotiation be fair and equitable Principles o Events occur after conclusion o Not foreseeable o Events are beyond parties con- trol o The risk of event was not as- sumed by disadvantaged party FIDIC N/A

We hope that the information provided in this newsletter was helpful for you. If you have any further questions please do not hesitate to contact us.

LORENZ & PARTNERS Co., Ltd. 27th Floor Bangkok City Tower 179 South Sathorn Road, Bangkok 10120, Thailand Tel.: +66 (0) 2-287 1882 E-Mail: [email protected]

All rights reserved © Lorenz & Partners 2020