COVID-19 Checklist For Real Estate And Construction Projects

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A Force Majeure Checklist for Construction Projects in light of COVID-19

• 1.Set up a monitoring system to keep track of COVID-19 outbreaks in your project areas and closely watch any associated supply chain disruptions, labor impacts, or governmental actions such as quarantines or travel restrictions

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• 2. Review all of your contracts for Force Majeure provisions

• Pay close attention to any specific listings of events constituting Force Majeure

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• Pay close attention to timing of any required notices of Force Majeure events

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• Understand the effects and limitations of a Force Majeure provision (e.g., extensions of time, exclusions of costs, caps on delays)

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• 3. Check your insurance to see whether you carry business interruption or another insurance product that could mitigate damages in the event of a construction delay or COVID-19 related shutdown of your project (but be aware that many insurance products may require a physical loss to trigger coverage)

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• 4. Keep detailed records of construction progress and any delays or increased costs

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• 5.Reassess and closely monitor your construction budget, including the availability of any costs savings or contingency

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• 6.Reassess your construction schedule in light of current and anticipated conditions

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• 7. Review all construction, development and financing documents to determine the parties’ respective payment obligations for cost increases or delays related to Force Majeure events

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• 8. If you anticipate delays or other impacts to your construction project, plan ahead and prepare to sit down with your development partners and financiers in the project to discuss ways to address them

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