Overview
Bloomberg Law quoted Zach Song in an article titled, "Trump Tariffs Spur Companies to Rewrite Commercial Contracts." The article discusses how President Trump's tariffs have companies moving quickly to revise commercial contracts to mitigate the damage.
On the issue of legal recourse on new tariffs, Song says, "If an existing supply contract contains a change-of-law clause broad enough to cover tariffs, companies can try to renegotiate, amend the contract, or claim additional costs." He goes on to note that he, "hadn't seen many contracts mention tariffs as a pre-existing issue in the context of change-of-law clauses. But since Trump took office and rhetoric about tariffs heated up, newer contracts are including clauses that address tariff changes."
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