President Biden has repeatedly discussed the need to onshore or re-shore U.S. manufacturing to improve national security and competitiveness.  The war in Ukraine and worldwide supply chain issues created by the COVID-19 pandemic have underscored the need to reduce U.S. dependence on foreign manufacturing.  In response to these calls for action, Congress recently passed the…

Over the last two years, the widespread shortages, stoppages, and other disruptions affecting much of the global supply chain have led manufacturers, suppliers, and buyers alike to examine their contract terms for an available excuse for nonperformance. Contract parties have focused in particular on any applicable force majeure clauses. When such provisions have been absent…

With Thanksgiving fast approaching, you have probably heard that there is a turkey shortage1 – brought about by a combination of rising costs for feed and fuel, continued labor shortages, and – if that were not enough –a virulent strain of avian flu decimating turkey flocks across the U.S.
Although industries across the board have felt…

Commercial forms – such as quotations, purchase orders and invoices – and associated terms and conditions are ubiquitous in the supply chain and often the only contract that exists between a buyer and seller. When used correctly, these forms operate as an efficient way of documenting the parties’ understanding regarding their agreement, thus avoiding the…

As public companies across the economic spectrum strive to overcome the supply chain disruptions drastically affecting revenue and profitability, they must not lose sight of how these disruptions impact their disclosure obligations under federal securities laws. The Securities and Exchange Commission (SEC) has demonstrated particular interest in this topic by issuing broad guidelines in recent…

With disruptions affecting every aspect of the supply chain, companies are increasingly encountering legal arguments offered to justify a failure to meet supply obligations. This article in the Supply Chain Disruption Series provides a concise summary of the three legal theories frequently invoked to excuse nonperformance of contractual duties.
Force Majeure
Overview
The concept of…

The funding environment for emerging companies has fundamentally shifted in 2022 for both venture capital and IPOs, particularly after a banner year in 2021. Whether these headwinds suggest significant economic changes or a return to previous valuation levels, companies need to be realistic about adapting their business processes to ensure they have sufficient…