Contracts, contracts, contracts. It is hard to believe that just a few weeks ago our clients' primary concerns were hiring more employees, entering into rental agreements, borrowing or lending money, buying and selling businesses, etc. All of these transactions are based on a form of contract, an agreement between people or entities to perform certain tasks according to the signed document. Sure, there could be disputes or disagreements after signing the agreement but more often than not, the dispute could be settled by the language within the document. COVID-19 has the real possibility to turn most of those agreements into arguments with minimal guidance.
COVID-19 is having a dramatic effect on everyone’s lives. Our thoughts go out to all those who have been infected and their loved ones. While health has to be the first priority for everyone, this situation also raises significant economic and business issues. Businesses are seeing interruptions in supply, and many contracts can no longer be performed. Businesses are trying to decide whether and how to “push the pause button.” Others are unable to perform their contractual obligations and are trying to determine their legal rights.