`If, at any time, a party considers that the economic circumstances in Spain beyond the control of the parties have changed significantly in the exercise of due diligence compared to what it reasonably expected at the time of the conclusion of this contract. and the contract price resulting from the application of the formula set out in Article 8.1 does not reflect the value of the natural gas on the buyer`s final market… The clause contained an arbitration agreement if the parties could not agree on a price revision within six months. These gas price review clauses aim to ensure that the price of gas under gas sales and sales contracts is flexible and can be adapted to cope with changes affecting the underlying economic balance of the transaction. As restrictions are eased and work resumes, new health and safety measures will lead to lower productivity and potential costs. In such cases, contractors may consider continuing contract price adjustments and extending the time limit as part of adaptation clauses to legislative changes typically imposed by construction contracts15 The COVID-19 pandemic and the measures put in place by governments in response have had a significant impact on economic circumstances, which concern a large number of projects and transactions. including the ability of the parties to work under existing contracts. Spain has been confronted with one of the most serious epidemics, which prompted the Spanish government to do so on March 14, 2020, in accordance with Royal Decree („RD“) 463/2020, to trigger the alert and take drastic measures to deal with the economic and health crisis, which affects a large number of sectors and sectors. Thus, the Spanish Government has declared the temporary closure of all non-essential operations1,introducing strict restrictions on the free movement of persons preventing staff from entering jobs and construction sites2 from postponing all administrative and procedural deadlines which may hinder the possibility of obtaining an authorisation necessary for the opening of the operation or construction in order to fulfil contractual obligations3. Deliveries have not been received. Materials or goods, such as border closures and temporary business closures, have led to serious disruptions in international supply chains.
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