The novel coronavirus / COVID-19 pandemic continues to cause mass disruption across the globe, with the extent of the damage yet to be understood. It has led to businesses examining their business models, cutting expenses and re-negotiating contractual relationships. It is hoped that, in this time, people and entities try to work together for general survival, rather than focussing on black letter law. However it is important to know how your contracts work, and your potential options. It is also important to prepare, commercially and legally, for the next black swan event.
A contract can be in restraint of trade if one party (“the covenantor”) agrees with another party (“the covenantee”) to restrict the covenantor’s liberty in the future to carry on trade with other persons not party to the contract.
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