The Covid rework: From leases to office space
words like ‘force majeure’, ‘vis major’ and ‘casus fortuitous’ have special meaning in a time when a pandemic causes health and financial crises.
The Covid-19 pandemic forced retailers to close their doors for weeks on end and are now only allowed to serve a limited number of customers at a time. More people than anyone thought possible are working from home.
However, tenants are stuck with the excess office space, and their lease agreements. Cash flows have either dried up or slowed to a mere trickle.
says most retail and commercial lease agreements contain force majeure clauses. This is defined as an unforeseeable event or circumstance that
