NEWSLETTER-2020-metin

9 COMMERCIAL LAW Conclusion The FM Clause 2020 mainly follows the FM Clause 2003 in substance, but with certain structural changes to make it simpler and more user-friendly. The most significant changes may be summarized, as follows: (i) Simplification of the list of presumed force majeure events; (ii) Separate paragraph for the notice requirement; (iii) Suspen- sion of the performance by the non-affected party when the affected party invokes force majeure; and (iv) Fixing a time period of 120 days for the duration of the force majeure after which the contract may be terminated. On the other hand, the Hardship Clause 2003 has gone through a fundamental change through introduction of the adaptation option, in addition to termination. The Working Group took into consider- ation the UNIDROIT Principles, as well as the recent developments in national laws, and agreed that including an option for adaptation or termination by a judge or arbitrator in the Hardship Clause 2020 could be an incentive for the parties to agree to alternative terms by themselves. It should be noted that the 2020 Clauses do not abrogate the 2003 Clauses. The parties may continue to use the 2003 Clauses, and will be able to do so by making clear reference thereto.