Drafting, reviewing, and managing contracts has become more complex than ever these days. And the COVID-19 pandemic made it harder than ever for companies to fulfill their contracts last year, forcing mass review of those contracts to determine what recourse contracting parties could take to address the situation. In a recent post by Doug Kaminski of Cobra Legal Solutions, he discusses the “Pandemic Contract Review Dilemma” and how to address it with contract management – and the next contract dilemma that may be just around the corner.
Doug’s article Contracting Dis-ease: Optimizing Your Contracts Process starts by discussing how, last year when the pandemic hit, many organizations had to review each of their affected contracts once the pandemic impacted those contracts to determine next steps because of “Force Majeure” clauses, which address unforeseeable circumstances that prevent someone from fulfilling a contract. But, since there may be no ‘boilerplate’ Force Majeure clause, as each one is often the subject of negotiation between the parties, many organizations had to review each of their affected contracts once the pandemic impacted those contracts to determine next steps. That gets expensive, especially when review of a single contract could potentially take several hours!
So, how do you address the “dis-ease” with contract management? And what are best contract management best practices? I won’t steal Cobra Legal Solutions’ (and Doug’s) thunder, you can check out the article here on the specifics.
So, what do you think? How do you avoid the next contract dilemma? Please share any comments you might have or if you’d like to know more about a particular topic.
Disclosure: Cobra Legal Solutions is an Educational Partner and sponsor of eDiscovery Today
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