Overview

The Japanese earthquake and tsunami was a disaster of Biblical proportions. The 9.0 magnitude earthquake is the largest in Japan since modern instrumental recordings began 130 years ago. In this briefing, Paul Hastings looks at the commercial fall out and the long-term impact for the country.

The economic fallout from the Great Eastern Japan Earthquake is likely to continue for some time. Some have estimated that the total cost of recovery exceeds several hundred billion dollars, making it the most costly natural disaster ever. In the long term, the expectation is that disputes will arise between contracting parties as to who should bear the losses and damages resulting from non performance, partial performance, or delay in performance of contracts. Force majeure, and related concepts, will likely be central to resolution of such disputes.