New York Federal Court Finds Force Majeure Clause Properly Invoked To Terminate Auction Consignment - Coronavirus (COVID-19)
Properly Invoked to Terminate Auction Consignment Contract On December 16, 2020, Judge Denise Cote of the United States District Court for the Southern District of New York issued an Opinion and Order holding, as a matter of first impression, that the Covid-19 pandemic was a “natural disaster” within the meaning of a force majeure clause. Therefore, the Court held, an auction house was excused from performing a consignment contract. See JN Contemporary Art LLC v. Phillips Auctioneers LLC, 2020 WL 7405262 (S.D.N.Y. 2020). Background In June 2019, JN Contemporary Act LLC (“JN”...
Source: mondaq.com