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OnDemand Course

Contractual Obligation During a Pandemic - Does Your Business Have to Comply?

Learn to assess your outstanding responsibilities in current business contracts and how to identify possible solutions during the COVID-19 pandemic.

Many businesses are facing unexpected and seemingly insurmountable hurdles in the midst of the COVID-19 pandemic. Among one of the top concerns is how businesses are supposed to honor and fulfill outstanding contracts with vendors, manufacturers, customers, renters, and contractors. Businesses must learn how to adapt quickly to unprecedented circumstances without breaching contracts and ending up in costly and time-consuming litigation. With many governors declaring states of emergency, issuing stay-at-home orders, and requiring many businesses to shut down or severely limit their activity, businesses in every sector are stuck in tough situations. This topic will help businesses assess their outstanding responsibilities and how to navigate these trying times with skill and confidence. The information will explain critical contract terms, including force majeure, which can aid companies in evaluating what contracts requirements are still enforceable or may be excused due to unforeseen circumstances. The information will also highlight examples of contractual issues different industries have faced in recent weeks and offer guidance on how to best position your business in the face of contract disputes related to the pandemic. Every business needs to understand its contractual obligations and remedies as shelter in place continues to make it difficult for businesses to operate normally.

Learning Objectives

  • You will be able to identify Force Majeure events in a contract
  • You will be able to identify levels of COVID-19 Community transmission
  • You will be able to recognize problems and remedies with Supply Chain
  • You will be able to differentiate between various clauses to include in contracts to address the unexpected

Runtime: 89 minutes
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Understanding How Force Majeure Clauses Can Excuse or Delay Performance Under a Contract

  • How Pre-Existing Contracts May or May Not Account for a Pandemic
  • How Courts Interpret Force Majeure Clauses
  • How to Assess Possible Penalties for Late Performance
  • How to Suspend Performance of a Sales Transaction or Contract
  • How to Draft Force Majeure Clauses Moving Forward

Exploring Exceptions to Maintain Operational Performance

  • Critical Infrastructure
  • Essential Business Activity

Analyzing the Effect Upon E-Commerce

  • Terms of Sale
  • Digital Signatures

Identifying Industry Specific Concerns

  • Manufacturing Supply Chain
  • Events and Entertainment
  • Real Estate
  • Food Industry
  • Finance

Evaluating the Effect Upon Information Technology Transactions

  • Smart Contracts
  • Blockchain Technology
  • IoT Machine to Machine Transactions
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Course

This course was last revised on April 27, 2020.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.5 including Business Law 2.5
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Business Law for 2.5 hours. Prerequisite: basic knowledge of business financials. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Koral C. Fritz

Koral C. Fritz

Innovative Law Group

  • Legal practice concentrated in business litigation with a specialized focus on the food and cannabis industries
  • Has worked on issues ranging from environmental compliance to supply chain contract disputes
  • Assisted local businesses with regulatory compliance, licensing, and real estate issues for CBD and related business in Michigan
  • Experienced in both transactional matters and complex litigation
  • Member of the State Bar of Michigan since 2017
  • J.D. degree and master’s degree in food and agriculture law and policy, Vermont Law School; bachelor’s degree, University of Michigan
Mark Zietlow

Mark Zietlow

Innovative Law Group

  • Attorney in the office of Innovative Law Group
  • Frequent lecturer on business law
  • Represents innovative companies on the cutting edge of technology, retail stores, distributors, service firms, manufacturing companies, and suppliers
  • Admitted to practice in Michigan, Ohio, and the U.S. Tax Court
  • J.D. degree, The Ohio State University College of Law; M.S. degree, the Grand Valley State University Seidman School of Business; M.A. degree, The Ohio State University Graduate School of Public Policy and Management; B.A. degree, Capital University in Columbus, Ohio
  • Can be contacted at 616-392-4100 or [email protected]
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Why Lorman?

Over 33 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 407736
Published 2020
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