ArtTactic

In this week’s episode of the ArtTactic Podcast, Ian Turetsky, associate in Reed Smith’s Global Commercial Dispute group, and Casey Laffey, vice chair of Reed Smith’s Global Commercial Dispute group, join us to discuss force majeure and other legal issues impacting the art world during the coronavirus pandemic.. First, Ian and Casey tell us about force majeure, a clause in contracts that frees parties from liability or obligation when an extraordinary event beyond their control occurs, and why the coronavirus pandemic has made it the hottest topic in the legal world. Then, they explain when force majeure may apply to certain issues in the art world at this time. Also, we speak about certain collectors trying to back out of their invoices at this time and explore to what extent invoices are legally binding. Then, Ian and Casey reveals what parties should be considering if they are entering into contracts in the midst of the pandemic. Lastly, they share some lessons learned from this pandemic that can be used moving forward.