Small business owners are used to signing contracts, whether it’s an employment offer, rental agreement or distribution deal. The disruptions caused by the global COVID-19 crisis, however, have prompted many business owners to rework--or at least revisit--some of their contractual agreements. From an in-person event that had to be cancelled because of a shelter-in-place order to an employee who was laid off in violation of a fixed-term employment agreement, disruptions can be costly if not handled properly or if contracts do not account for such contingencies.
The global pandemic has been a tough time for many small business owners. Despite these challenges, it is a good time to examine and realize the implications of current contractual obligations so that business owners are better prepared to deal with additional challenges, as well as create new contracts that smartly position them as business continues and grows.
The following information is intended to help you be well-informed and proactive when making, negotiating, and signing small business contracts.