In tough economic times, many organizations are usually
constrained to downsize and at such times, companies must properly
manage their most valuable resource - the people. This is now a
more pertinent challenge, as businesses grapple with the disruption
caused by the COVID-19 pandemic, inflation, currency devaluation,
and the uncertainties in the prices of Nigerian oil exports.
Employers looking to downsize, unfortunately, have the arduous task
of doing so in a manner that doesn't come back to expose them
to avoidable legal liabilities.
The Sanctity of Contracts
It is common knowledge that once a contract is freely and
voluntarily entered, it is sacred and according to the law, its
terms must be enforced by the Courts. This means that parties to a
contract will not be allowed to withdraw from the performance of
their obligations or prevented from enforcing their rights under a
contract merely because circumstances have made performance harder.
Of course, parties
