With an abundance of industries, companies, and individuals feeling the impact of the COVID-19 pandemic, law firms have been dolling out a plethora of (very long and sometimes complicated) articles containing advice across all legal practice areas. One area of law that is particularly implicated by the Coronavirus for virtually every entity is contracts – legal documents that are at the core of every relationship. These can be service provider agreements and MSAs, vendor agreements or other contracts related to your company and its business operations. For individuals, it could be lease agreements, loan agreements and really anything where you paid or were paid in return for something of value.
Below is a short & sweet list of five contract issues you should be thinking about as a result of COVID-19.
These contractual issues can be analyzed before taking any action. On the other hand, we recognize and appreciate that businesses and individuals may not be in a position to try to proactively avoid breach of contract issues and instead must make hard decisions now that may result in legal ramifications to you or your company once back to business as normal. Regardless of which situation, knowing what your best and worst case scenario is can help guide your decision-making, now and later.
If you have a contract question, whether or not it is related to COVID-19, Traverse Legal is here to help you understand your contractual rights and obligations. Contact us and allow our attorneys to provide you with guidance and clarity amidst the present chaos or thereafter.