Unexpected crises like the coronavirus outbreak are textbook definitions of force majeure incidents that can radically alter the obligations and opportunities of your contract portfolio. If you've been reflexively including force majeure boilerplate language in your agreements without any serious consideration of its impact, now is the time to give force majeure -- and several other aspects of your contracts -- a second look.
That's why LinkSquares developed our latest ebook, "Force Majeure and Other Contract Terms to Manage During Black Swan Events".
In this ebook, we discuss what happens when unexpected economic slowdowns and similar crises interrupt business as usual, and how your contracts can protect you from (or expose you to) the fallout.
Force majeure refers to unforeseeable acts of God that alter assumed business conditions. Natural disasters, widespread strikes, war, famine, pandemics, or similar states of emergency can all invoke force majeure clauses in your contracts. As is spelled out in "Force Majeure and Other Contract Terms to Manage During Black Swan Events", these clauses may invalidate any obligations your clients, partners, employees, landlords, or vendors have to your organization.
More simply, people who owe you money, goods, or services may not have to supply any of them, temporarily or permanently, based on the particulars of your force majeure language. That can play havoc with your cash flow and put your company's future at risk.
In contrast, you may also be able to avoid payouts or rendering services during crises like the coronavirus if you have self-protective force majeure language in your own agreements.
"Force Majeure and Other Contract Terms to Manage During Black Swan Events" lays out how to approach force majeure -- as well as other related contract clauses around payment terms, cancellation policies, and partnership agreements -- which becomes critical during times of crisis.
If you want to know where to focus your contract reviews during a major economic incident like the coronavirus, download "Force Majeure and Other Contract Terms to Manage During Black Swan Events" now.
And if you'd like to consider the contract analysis technology that can simplify your force majeure reviews -- and help you prevent codifying bad contract clauses in the future -- contact LinkSquares today.