THE CORONAVIRUS VS CONSTRUCTION

摘要

Disease has rarely affected construction in a macroeconomic way - until now. China's global presence in the construction space is unparalleled. According to the Nikkei Asian Review, Chinese contractors took nearly a quarter of international construction revenue in 2018, so disease that paralyses China will inevitably have repercussions. My firm has seen two energy-related arbitral cases listed in Singapore this month both adjourned at the last minute due to COVID-19 travel restrictions affecting witnesses and tribunal alike. China meanwhile has issued more than 1,600 force majeure slips (covering a total contract value of $15.7bn) to COVID-19 hit companies to shield them from damage liabilities. These certificates, which are recognised in more than 200 countries, exonerate companies from not performing contractual duties by certifying they are suffering from circumstances beyond their control.