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Contractual Obligations

June 22, 2020

We have created this page in order to provide instant access to the latest news and updates in this area. Please continue also to visit our Coronavirus Resource Center and CARES Act page for news relating to additional topics that may be of interest.

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Alerts

  • NYC Local Law 1932-A May Allow Individual Guarantors of Certain Commercial Leases or Rental Agreements To Limit Personal Liability June 25, 2020
    NYC Local Law 1932-A, signed by Mayor de Blasio on May 26, 2020, temporarily prohibits the enforcement of personal liability provisions of lease or rental agreements for certain commercial tenants in NYC impacted by COVID-19 during the period March 7, 2020 to September 30, 2020. As discussed below, the new law may not accomplish fully its intended purpose and is likely to create uncertainty for tenants, landlords, and guarantors concerning its scope and application. Click on the title to read the full alert.
  • Securing Payment or Forbearance in the Time of COVID-19 June 22, 2020
    The lifeblood of any business is getting paid for the goods or services it provides. While the world economy has slowed to a crawl, now, more than ever, businesses are focused on converting the receivables they have issued into cash in the door. Click on the title to read the full alert.

  • New York Follows Other States in Allowing Security Deposits to be Applied Toward Rent May 11, 2020
    After weeks of speculation and much public interest, New York State finally joined several other states in providing relief for renters. On May 7, New York Governor Andrew Cuomo issued Executive Order 202.28 (the “Order”), which allows landlords and tenants to apply tenant security deposits toward rent payments, bans late fees for the late payment of rent, and extends the moratorium on evictions and foreclosures until August 20, 2020. Click on the title to read the full alert.
  • New Jersey Allows Security Deposits to be Used for Rent – Will New York Follow? May 4, 2020
    As states grapple with how to handle the burden on individuals impacted by COVID-19 shut downs, some lawmakers are pushing for extreme measures like a national moratorium on rent payments with rent forgiveness. Although those measures are unlikely to gain enough traction to move forward, states have begun to find other ways to provide relief to renters. Click on the title to read the full alert.
  • Treatment of Co-Working Arrangements During the COVID-19 Crisis April 20, 2020
    The current COVID-19 crisis has up-ended business and legal arrangements across a broad cross section of industries, locations and sizes of businesses. There have been a host of emergency federal, state and local actions to address the crisis and to stabilize business arrangements during the crisis. Among them are the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act), New York Executive Order 202: Declaring a Disaster Emergency in the State of New York, State of California Executive Order N-28-20. Click on the title to read the full alert.
  • The Coronavirus and Your Insurance Coverage Questions April 17, 2020
    As the global crisis stemming from the coronavirus pandemic continues, losses to businesses and other entities continue to mount. Stay-at-home orders, restrictions on the operations of non-essential businesses, and other government action are dealing significant damage to economic activity. The virus itself is also sickening hundreds of thousands of individuals. 

    Click on the title to read the full alert.

  • Violating Price-Gouging Laws May Subject Businesses to Civil and Criminal Penalties April 15, 2020
    In the wake of the COVID-19 pandemic, there have been several stories in the news and on social media about individuals and businesses capitalizing on “panic buying” and attempting to charge excessive prices for everyday products. Rudimentary economics tells us that prices will increase in response to increased demand. But when does that increase cross the line into illegal “price gouging,” and how can you stay on the right side of the law? Click on the title to read the full alert.

  • No-Damages-for-Delay Clauses and the COVID-19 Crisis April 9, 2020
    Although “construction” was originally deemed by Governor Cuomo to be “essential”, and thus exempt from the restrictions imposed by his March 18, 2020 Executive Order, that has since changed. Through subsequent Executive Orders, as interpreted by various State agencies, the reach of COVID-19 has extended deeply into the construction industry to preclude “non-essential” or “non-emergency” construction projects. Accordingly, construction projects across the State are grinding to a halt. Click on the title to read the full alert.
  • Re-tooling Your Business to Respond to the Coronavirus Pandemic? Here’s What You Need to Know April 9, 2020
    Many companies have retooled their factories or workshops to manufacture products in response to the increased demand for health care products. Whiskey distillers are making hand sanitizer and design houses are sewing face masks. Everyone is receiving kudos for their great work, but what are the risks? Click on the title to read the full alert.
  • Updated Renewable Energy Construction and Contracts Guidance in the Face of COVID-19 April 1, 2020
    As the State of New York continues to react to the COVID-19 pandemic, it has or is expected to take at least three significant actions with respect to renewable energy development and construction activities. Click on the title to read the full alert.
  • COVID-19 Developments for Tax-Exempt Organizations/Non-Profits March 30, 2020
    In response to the COVID-19 pandemic (the “Coronavirus”), a variety of relief efforts have been enacted, many of which may impact tax-exempt organization and non-profit clients. This update will discuss certain of these relief efforts, detailing their status as of Monday, March 30, 2020. Click on the title to read the full alert.
  • Commercial Contracts in the Time of Coronavirus March 23, 2020
    The federal, state, and local efforts to control the spread of the Coronavirus and
    associated disease have created significant uncertainty for businesses of all sizes and across industries. While the ultimate fallout of these efforts is far from clear, a
    number of companies are grappling with situations where performance under a
    current agreement has been rendered difficult or not economically reasonable. How
    should these companies assess their options and risk? Click on the title to read the full alert.
  • New York Governor Issues Executive Order Extending Statutes of Limitations, Service, and Other Legal Deadlines in Light of Coronavirus Pandemic March 22, 2020
    In response to the Coronavirus pandemic, New York has issued a wide-ranging order suspending statutes of limitation. Yesterday, New York Governor Andrew Cuomo issued Executive Order 202.8 (available here), which temporarily suspended statutes of limitations, service, and other legal time periods through April 19, 2020. Click on the title to read the full alert.
  • Do I Have Insurance for My Coronavirus Losses? March 19, 2020
    Businesses should review their commercial package policies or property insurance policies to determine if they potentially have coverage for some of the actual, or anticipated, losses. Most commercial property insurance policies include coverage for lost profits resulting from “property damage.” Click on the title to read the full alert.