May 19, 2026
This article first appeared on Law360 on May 12, 2026.
The escalating conflict in the Middle East is creating significant financial and contractual uncertainty for businesses and investors across the region. As disruption continues across energy, hospitality, aviation, and real estate, material adverse effect (MAE) clauses are moving to the forefront of M&A and lending disputes.
In a recent Law360 article, Amran Nawaz and Ralph Stobwasser examine how MAE provisions are being tested amid ongoing regional disruption and the financial analysis needed to support or challenge them. The article explores key considerations including carve-outs for war and geopolitical events, disproportionality analysis, materiality assessments, and durational significance, as well as the different standards that may apply in financing agreements.
The article also highlights the risks associated with wrongfully invoking MAE clauses and the potentially significant damages exposure that can follow. As parties reassess contractual positions amid ongoing regional instability, the ability to support MAE determinations with robust, evidence-based financial analysis is becoming increasingly critical.
To learn more about the issues discussed in the article and their potential implications for transactions, financing arrangements, or disputes in the region, contact Amran or Ralph.
Ralph Stowasser and Tarek Bleik contributed a chapter to the GIR Europe, Middle East and Africa Investigations Review 2026, “The Convergence of Anti-corruption, Counter-fraud and Financial Integrity in the GCC: What it Means for Investigations”, examining how financial crime enforcement and investigative expectations are evolving across the region.
Dr. McLean brings industry‑leading biomechanics and wearable technology expertise to Secretariat, strengthening the firm’s ability to address complex, technology‑driven disputes.
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