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Renegotiating a Contract During an Economic Downturn

Usually both parties to a contract want it to succeed. However, unforeseen economic downturns and changing circumstances can make it hard to impossible for a contract to be fully performed. You could go to court to enforce the contract. And you may win. But at what cost? You could irrevocably damage a long-lasting business relationship. That could cost you far more than the nonperformance.

Nonperformance, Breach of Contract and Covid-19

The pandemic has had a drastic impact on the current economic environment. Many businesses are finding it difficult and expensive to fulfill their contractual obligations. If you are not able to negotiate an amicable contract modification, you may find yourself needing to go to court to either compel performance, seek redress due to a breach, or defend nonperformance. Whatever the case may be, business owners should know the legal issues regarding nonperformance and the likelihood of success if the case were to go to court.

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