Now Is The Time To Review Your Consent Order And Assess Your Options
“Much has already been written regarding the potential of COVID-19 to impact construction or development projects. For example, businesses may experience personnel or material shortages, or stoppages that result from Government-directed actions. These delays jeopardize project timelines and place businesses in vulnerable positions regarding liquidated damages or other contract penalties. These businesses are reviewing their contracts to see whether they may seek relief pursuant to their contract’s force majeure clause,” reports Joseph Romero, Esq. in Vandeventer Black LLP’s Articles.
“Businesses performing mandatory remedial actions or other corrective action pursuant to regulatory enforcement documents, including settlement agreements and consent orders with Federal or State regulators, will face similar challenges. These businesses and individuals should review their settlement agreements or consent orders to understand the procedural requirements they must follow to invoke their force majeure clause.”
