Introduction

Commercial contracts are designed to allocate risks between the parties and establish a clear framework for performance. In practice, however, circumstances may arise after a contract has been signed that materially interfere with the assumptions on which the parties originally agreed.

Geopolitical instability, armed conflicts, government restrictions, sanctions, disruption of international trade routes, supply-chain interruptions, substantial increases in energy and transportation costs, shortages of essential materials, and other extraordinary developments can all affect the ability of businesses to perform their contractual obligations.