As the COVID-19 pandemic has made it difficult for some parties to meet their obligations, many have begun to seek extensions of contractually imposed deadlines or other contractual modifications. In response to these requests, contractual counterparties will want to offer soothing words to customers, suppliers, and others whom the pandemic has affected personally and professionally. A company representative may, for example, tell a worried counterparty, “We are extending credit to everyone; I am sure we’ll extend you credit, too.” But while nice in theory, soothing words might be mistaken for promises that the speaker does not intend. And those promises might later form the basis of a legal claim.
This resource is only available to our paid members. You can Join Us or Sign in to get access to this resource.