The Covid-19 pandemic declared by the World Health Organization –WHO– , followed by the extraordinary measures implemented by Colombia’s government in order to mitigate it, have created negative effects on contractual agreements, either by making it excessively expensive for one party to fulfill its duties, or even by making it impossible for one or both parties to uphold their business commitments. For this reason, it’s convenient to analyze the remedies the Colombian legal system offers in the event of extraordinary circumstances that affect the contract, such as the one we are experiencing today with the Covid-19 outbreak. In this sense, we will be studying the following institutions: (i) force majeure as an event that exonerates the debtor from any liability; (ii) the theory of unforeseen events as an institution aimed at reestablishing the economic balance of the contract or obtaining its termination; (iii) mandatory acts of government (fait du prince) as a form of exoneration of liability and as an event that constitutes contractual liability without fault in public contracts; (iv) good faith as a guiding principle of the parties’ behavior during the performance of the contract and; (v) abuse of rights as a mechanism to obtain compensation for damages. The remedies offered by the Colombian legal system are of different nature and pursue their own purposes. In some cases, reestablishing the economic balance of the contract or seeking its termination, in others compensation for damages.