The Coronavirus or the COVID-19 Crisis has changed the world in a few months. Booming businesses and busy industries had had to stop their operations in light of the virus spread. The majority of the workforce were dictated to work from home while many others had to lose their jobs due to the complete shutdown. The COVID-19 outbreak also caused mass revisions and renegotiations in the contracts due to the onset of Force Majeure of contracts. Such a monumental crisis falls on the shoulders of the contract managers who will be required to sort out and coordinate to maintain order.
The companies will have to henceforth, prepare a fail-proof plan for managing the contract through, and after the crisis. Managing the contracts during the crisis includes, monitoring the waivers, revising on the obligations, discounting on the penalties on the failure of missed obligations, and the future provisioning for contracts and its compliance.