Is Everything Negotiable? Anticipating Legal Issues for the “Reopening”
In the early 1980s, a book entitled You Can Negotiate Anything spent nine months on the New York Times bestseller list. The book may have a resurgence in the coming months, as one thing is for certain right now: After the state’s reopening, every contract, lease, and agreement is likely to be subject to negotiation. While much attention has been focused on force majeure provisions in contracts and potential bankruptcy filings, the practical effect of survival of the fittest will dictate necessary legal needs. Certainly there will be a time lag for the courts to be clogged with new cases. The retail, leisure travel, and entertainment sectors, while arguably most impacted by the recent closures and restrictions, will surely not be the only areas where businesses and individuals by necessity will renegotiate virtually every existing agreement. As New Jersey deals with the enormity of the COVID-19 pandemic, legal issues are emerging that were previously never contemplated. In an instant, the world has changed, and all negotiated contracts are potentially at risk. The question becomes: How do businesses protect their futures? To start, anticipate legal issues. Documents and Agreements Likely to Be Subject to Renegotiation It is prudent to develop a reopening legal plan consisting of the following steps: Review your existing agreements. Are they still...