Recent events increase the challenges in contract management COVID-19 has exacerbated existing difficulties in contract management, while immediately sparking new problems as the worldwide business shutdown created havoc in global supply chains. Whether as suppliers seeking payment and/or customers needing forbearance, many companies are now unsure of their current contractual obligations—particularly whether they are bound by “Force Majeure” or “Termination” clauses, the wording of which could have hundreds of variations and downstream effects.
With contract management capabilities powered by Artificial Intelligence (AI) and embedded with industry and company-specific knowledge, organizations can quickly get the answers to critical questions such as:
- Which contracts include a force majeure clause?
- Which contracts could be terminated by either party?
- Does the force majeure clause mention pandemic, epidemic or government action?
- Is there a notification period included?
- How many days after a force majeure event do notifications need to be made?
- Is there a limit or length of the coverage?
- Which obligations are covered and not covered by the Force Majeure clause?