According to Yelp’s September Economic Impact report nearly 164,000 business have closed across the country since the start of the Covid-19 pandemic. That’s a 23% spike since mid July. Yelp estimates that 60% of those businesses, about 98,000, will not reopen.
The report goes on to say that Florida had just over 10,000 business close due the unpredictable economic climate caused by the pandemic. Of those 10,000 businesses only 3,100 are expected to reopen.
It is expected that the pandemic, and the government regulations intended to curb its spread, will continue to disrupt the U.S. and Florida economies.
In this environment, many businesses are finding it more difficult and expensive to fulfill their contractual obligations. As the pandemic continues, and for some time thereafter, businesses will likely continue to find it hard to perform their contracts; increasing both nonperformance disputes and breach of contract lawsuits.
Some business owners will be able to negotiate contract modifications intended to make accommodations for the current economic environment but others may not. They may find themselves 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.
Our knowledgeable and experienced lawyers can review your situation and outline the options available to you. To get a free consultation give us a call at (407) 259-2426 or Schedule a Consultation