The year 2020 turned out to be something we didn’t expect at the new year beginning. Slowly before we realized it, everything just went on downhill with COVID-19 taking over the world literally.
The sudden shift with the COVID-19 threw much business out of their helm in an initial couple of months before the world economy still reeling under the effect, but composed and steering in the right direction before we begin the next year.
The effects may linger, but now we are more prepared and sensitized than we can ever be on the first day of 2020. In the business and litigation world, the waves to hold on came through business continuity and force majeure clauses which were quickly analyzed, reviewed, and moderated to make the best out of 2020.
How Contract Management Made 2020 Manageable for Contracts
Business Continuity Plans
Contracts were reviewed and analyzed in sync with changes and updates with the business continuity measures an organization took to overcome the challenges of the COVID-19 pandemic. This made contracts more reasonable, effective, and secured from the potential risks that it might pose.
With the turn of the new pandemic effect, non-performances and amendments to deadline took a major role in every organization which saw clients and organizations encountering losses to file for litigation and find measures to tackle the obligations. Comprehensive contract management helps support litigation and at times provided the means to tackle and confront obstacles.
Work From Home
Work From Home became the new normal and contract obligations moving to homes rather than in workplaces made security a huge concern. However, with the best in technology through the cloud and centralized repositories, Work From Home became more feasible and manageable.
Force Majeure became definitive worldwide to protect the business, avoid risks and loss in costs much more than expected. The organization analyzed contracts which on an urgent basis suffered from non-performance due to the global lockdown and moved to be protected under force majeure and other contract obligation protective clauses.
Globally Interlinked to Virtual Assistants
Contract Management workforce connected virtually to work in collaboration to adhere to contract terms and conditions. Virtual Assistants chipping in at the right turning points cushioned the effects of backlogs, lockdowns, and pandemic severity more bearable. The cost factor was also hugely impactful in making quality, strategic, and time zone advantageous decisions.
E-signatures became more widely used and effective with the global lockdown and countries closing their lines. Businesses and clients’ contracts, across their geographical area of business interest, were carried out most effectively, easily, and quickly through e-signatures. This enhanced the whole contract management experience.
With the year 2020 coming to an end, we can see, we had become stronger together even while locked in our places and maintaining distances. We adapted to technologies, measures, and new workforce ways which made work continuity possible both at Work From Home and at our offices with new government guidelines and regulations. By 2021, we look forward to solving any kind of challenge with even more grit for solutions which 2020 has taught us every day.
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