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The Impact of COVID-19 on Contracts and Corporate Activities: Your Questions Answered

Client Alert | 1 min read | 05.05.20

In response to the many questions we have recently received from clients, we have prepared a Q&A regarding the impact of the COVID-19 pandemic on various day-to-day business activities in Belgium. In particular, we address the following specific questions:

  • Can you suspend or terminate a contract without penalty as a result of COVID-19?
  • How can you hold a general meeting or a board meeting that respects social distancing?
  • What measures have been taken by the Belgian government to support businesses?
  • What is the best way to sign contracts electronically?

The questions and answers in this Q&A are of course of a general nature and should not be considered to be comprehensive legal advice on specific questions and/or cases. Do not hesitate to contact our team if you have any specific questions and/or would like any advice with regard to a concrete situation.

In addition, Crowell & Moring Brussels recently launched its “COVID-19 Virtual Assistant.” This virtual tool allows you to navigate the rapidly evolving regulations adopted by the Belgian federal and regional governments in the wake of the pandemic. Our Virtual Assistant can be consulted free of charge and can be accessed via our Coronavirus Resource Center on our website.

For the Dutch version of the Q&A, please click here. The French version can be found here.

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Client Alert | 1 min read | 07.08.26

CAS Board Publishes Final Rule Rescinding CAS 404, 408, 409, and 4117

As part of its ongoing effort to conform the Cost Accounting Standards (“CAS”) to generally accepted accounting principles (“GAAP”), the CAS Board published a final rule rescinding CAS 408 (Accounting for costs of compensated personal absence) and CAS 411 (Accounting for acquisition costs of material).  The CAS Board also rescinded CAS 404 (Capitalization of tangible assets) and CAS 409 (Depreciation of tangible capital assets) but retained certain requirements of CAS 404 and 409, which will be located in new paragraphs of CAS 405 (Accounting for unallowable costs).  Specifically, the CAS Board retained the requirements currently located at CAS 404-50(d)(1), CAS 409-50(e)(5), CAS 409-50(j)(1), and CAS 409-50(j)(4), which the CAS Board explained are necessary to protect the Government’s interests.  Otherwise, the CAS Board determined that the requirements of CAS 404, 408, 409, and 411 overlapped with GAAP such that GAAP “may be applied reasonably as a substitute for CAS to support contract cost and pricing.”...

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