Uneconomic Contracts: Protecting your business in the downturn
In these unprecedented times, most organisations will be looking to protect their business interests. Contractual arrangements will come under closer scrutiny. Wholesale reviews of all leases, long-term supply agreements, contractor agreements, agency agreements and distribution agreements are recommended. Use this as an opportunity to insulate and protect contracts from challenge by another contracting party wishing to terminate what may have become for them an unprofitable contract. Conversely, you may be looking to terminate a contract that no longer fits into your business strategy or which, having been entered into at the peak of the market, now represents a bad deal. A comprehensive review of contracting arrangements can help to identify grounds for termination and the associated consequences and risks.
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