6. Any other tips?
(a) Negotiate with the other party
If it’s looking likely that you’ll be unable to perform your obligations under a contract, it may be worth simply getting in touch with the other party.
Regardless of what the contract says, you may well be able to come to an agreement that works for both of you. You could offer to delay performance of the contract to a later date. Be sure to evidence anything that has been agreed with the party in writing.
(b) Consider updating your contracts/standard terms and conditions
Perhaps you’ve been stung by a force majeure clause (or lack thereof!) as a result of the COVID-19 outbreak and want to avoid this situation in the future. Or perhaps you are negotiating a new contract and want to limit your liability if you are unable to perform your obligations under it due to the virus. It is arguably more important than ever to ensure that your contracts are robust.
(c) Check your insurance
A business that suffers a loss as a result of disruption arising from COVID-19 should review its insurance to determine if it has cover.
(d) Be mindful of government guidance and instructions
Ultimately, the safety, health, and well-being of your employees, customers, and the general public must remain the absolute priority. This may mean that changes to working practices may be required to continue trading.