Dazed And Confused: Five Contractual Considerations For Uncertain Times

The year 2020 will not soon be forgotten. Despite the devastation of the COVID-19 pandemic, it has also provided a catalyst for substantial innovation and positive disruption to business models and commercial practices. During this time of business adaptation to respond to the unique challenges of pandemic-induced measures such as physical distancing and remote working, businesses can also focus on implementing better contract negotiation practices and adapting their contracts to address ongoing uncertainty.

The following are five considerations for negotiating, drafting and executing contracts in uncertain times:

1. Pause and Re-evaluate.  

With most businesses having to make at least some changes to their operations this year, it would also be worthwhile to review your practices for executing contracts and reconsider the terms of such contracts (whether the contracts are standard form or negotiated on a case-by-case basis). The terms of your contracts should