It is vital to have a clear understanding of contractual rights
and obligations when addressing the business impact of the COVID-19
crisis. In meeting this challenge, some of the key questions
business leaders will want to ask are:
- What contracts are likely to be
impacted by COVID-19?
- What are the parties’ rights
and remedies in the event of non-performance caused by
COVID-19?
- What is the best business solution to
address any potential non-performance?
- How should businesses reserve legal
rights and remedies while managing relationships with third parties
and mitigating impacts?
- Which counterparties are most likely
to be impacted by COVID-19?
Whether engaging external help or undertaking the process
in-house, the checklist below can help organizations prioritize
their contractual relationships and identify practical steps to
manage material contracts through this current crisis.
