Chicago – The American Bar Association Business Law Section has published a COVID-19 Model Standstill/Tolling Agreement, annotated and without annotations, that is intended to help law firms and businesses struggling during this coronavirus pandemic.

The agreement is a template for businesses facing problems of performance under contracts, including payment or collection, which may soon be overwhelming to the parties and to the legal system.

It contains the basic elements that such an agreement should include and provides a balanced way for businesses to place a legal “freeze” on their commercial relationship while the economy stabilizes. The form of agreement is not intended as a substitute for legal advice.

– ABA