This year, words like pandemic, lockdown, unprecedented, and of course, business continuity plans (BCP) have dominated headlines, news stories, and other informative content surrounding COVID-19. Despite many government lockdown and restrictions across the world, it is evident that the supply chain is essential to supporting the primary functions of society at large. For the most part, trade has been permitted to function, albeit with some disruptions such as the lack of resources in terms of manpower, road closures in certain countries, and limitation of shipments or priority given to the healthcare sector.
The global pandemic has forced the world at large to implement BCP, which would otherwise have been non-existent for some companies. And while organizations strive to stay afloat, force majeure declarations could be inevitable. What are some possible legal scenarios and considerations an organization should have in place when planning for disruption?
In our latest episode of Talking Trade, Corporate Counsel for Asia Pacific, Eugene Nai, sheds some light on what is vital and essential for a comprehensive BC plan and highlights some pointers for businesses to keep in mind to ensure all bases are covered. He also discusses how government policies might affect businesses leading to declarations of force majeure and possible recourses if a company is unable to meet its contractual commitments.
Tune in to the full episode below.