The COVID-19 pandemic caused by the Coronavirus has put the world at standstill. The economy as a whole sloped downwards since the virus started to spread throughout all the countries. The stock market came crashing down and put businesses and industries in the quandary. The consequent of which, the world saw a huge leap in the trading contracts of different verticals being negotiated and renegotiated. This massive paradigm shift caused by the COVID-19 outbreak has complicated the management of contracts since the majority of the working population are forced to work from home.
The COVID-19 crisis has impacted on the business contracts from both supplier and customer end. Industries such as entertainment, fashion, travel and hospitality to name a few have seen mass shutdowns, where millions have lost their daily wages, the contracts are required to be amended accordingly. Whereas, the food and beverage industry, pharmaceuticals, agro-based supplies and logistics has been observed to have inflation prompting the businesses to revise and include special clauses in their contracts.
With Force Majeure in the hem, it has become more crucial than ever to embrace the contract management software for the orderly management of the contracts, tracking the changes and amendments made during the pandemic crisis and planning the transition to when the business resumes.