The negative impact of the global pandemic on the global and local economies has been increasing for past few months. The measures taken by various states in response to the virus have led to substantial changes in business relations, which has caused need to modify contractual terms.
As part of the information campaign launched to reduce the negative impact of the pandemic, KPMG Georgia presents a snapshot of Georgian legislation and court practice under Article 398 of the Civil Code - Adaptation of the Contract to the Changed Circumstances.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date, it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation.
We will continue publishing further updates for raising awareness of legal aspects of impact of global pandemic in Georgia.