The recent troubles with acquiring inventory, unexpected price increases, delivery delays and product shortages caused problems for many businesses. It also highlights that it is a good time to review your agreements, purchase orders, invoices, and other contract documents to see what they provide regarding these unexpected and uncontrollable situations, often called force majeure clauses. Learn how they apply to these situations, amend them if necessary, and try to get ahead of problems by informing customers, suppliers and others that there will be delays, price increases or product rationing because of forces beyond your control.
If you have any questions or problems regarding your contract documents or these situations, please contact us.
