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A force majeure is generally defined as “an act of God or man that is unforeseen and unforeseeable and out of the reasonable control of one or both of the parties to a contract, and which makes it objectively impossible for one or both of the parties to perform their obligations under the contract.”
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The disruption caused by the global COVID-19 pandemic will have dire consequences for SMME’s, especially in the franchise sector. Franchisors need to consider measures to enable their franchisees to continue trading as “smoothly” as possible once the lockdown measures have been relaxed, while franchisees need to be compliant with their franchise agreements before expecting to receive assistance.
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Force majeure is a common clause in contracts that essentially frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties, such as a war, strike, riot, crime, plague, or an event described by the legal term act of God (hurricane, flood, earthquake, volcanic eruption, etc.), prevents one or both parties from fulfilling their obligations under the contract.
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Legal Aspects of Financing Corporates covers the gamut of legal and taxation implications concerning the financing of corporates and will be of great use to postgraduate students in commercial law, corporate advisors, lawyers, in-house counsel, financial institutions and SARS employees.
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There is a common misconception amongst many members of the public, and indeed the legal profession, that agreements in restraint of trade are invalid and unenforceable.
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It is difficult to keep up with all the legal requirements your business must satisfy, which is why LexisNexis offers resources for three key legal areas that your business needs to be compliant in.
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Cutting edge issues for South African boards of directors facing financial distress in 2019
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Has BR in SA really brought about a company (debtor) friendly system that can compare with international best practice?