The American Bar Association Business Law Section has published a COVID-19 Model Standstill/Tolling Agreement (annotated and without annotations) that is intended to help law firms and businesses struggling during this coronavirus pandemic.
The agreement is a template for businesses facing problems of performance under contracts, including payment or collection, which may soon be overwhelming to the parties and to the legal system. It contains the basic elements that such an agreement should include and provides a balanced way for businesses to place a legal "freeze" on their commercial relationship while the economy stabilizes. The form of agreement, which can be used either in an electronic or paper format, is not intended as a substitute for legal advice.
The COVID-29 Model Standstill/ Tolling Agreement, was published in "Business Law Today" by Jonathan C. Lipson and Norman M. Powell. Lipson is the Harold E. Kohn Professor of Law at Temple University-Beasley School of Law. Powell is a partner in the Delaware law firm of Young Conaway Stargatt & Taylor, LLP.
"Business Law Today" is the premier digital platform of the ABA Business Law Section. All content is peer-reviewed by leading practitioners to deliver trustworthy insight on the issues most critical to business lawyers. The website provides substantive, analytical and timely business law information for the legal practitioner and business professionals.
Published: Wed, Apr 22, 2020
