Look, I know a lot of people are freaking out over the corona virus for one reason or another. This podcast episode is NOT about my personal or political feelings whatsoever, and it shouldn’t be about yours either. The main thing to know at this point is that even if YOU are not freaking out about it, others are. It's important, if not vital, to figure out how YOU are making sure your business is protected during this time. This is really a poignant issue right now across the world, it's bringing to people’s attention the impact of ANY unforeseeable, unpredictable, and impossible situation that COULD arise at any time, and how you as a business owner should be best prepared for such occurrences. I’m going over this and more about the specifics to have outlined in your client contracts in this episode.
Some things we talked about:
- Summary of what Covid-19 is
- Why you should do a risk assessment of your business
- Specific clauses to have in your contract
Here are a few quotes:
- (2:59) “Go to the CDC website for updated information about Covid-19, travel warnings, etc....But, right now as I speak, the most important thing to know is that at this point coronavirus has not been labeled a global epidemic or pandemic. Thus, it will be difficult for you or your clients to cancel any trips and get a full refund."
- (5:57) "These types of fear-related travel cancellation and rescheduling issues are just overall important to communicate with your clients. First and foremost, check in with your couples today. Let them know you are here with them and for them, because they are probably freaking out too!! Second, do you have a plan for cancellations? Do you have money in the bank if refunds need to happen? Is your business fully prepared for any of these “what if” types of situations?!"
- (13:58) "Remember, your cancellation and rescheduling policies should still be very clearly laid out with deadlines. Industry standard is generally 30 days prior to the event/session/wedding date for your clients to be able to cancel or reschedule and only forfeit the retainer, but not incur any remaining fees. However, ‘Force Majeure Events’ are different. Thus, if you or your clients want to excuse performance to an unforeseeable, unavoidable, or impossible event, that’s where a Force Majeure Clause would kick in to protect you."
- (16:56) "I recommend including a Force Majeure Clause that clearly explains your business’s policies for excusing performance related to unforeseeable, unpredictable, and impossible events and, specifically, include “epidemics and pandemics” as qualified Force Majeure Events."
- (32:14) If you’re sitting there thinking, “Gosh, Paige, I really just need your help drafting these clauses and getting them into my contract asap to protect myself, I’VE GOT YOU! The Legal Paige has put together a clause bundle that you can purchase today. It’s called the “Protection Clause Bundle ” that includes clauses related to protecting your business from unforeseeable, unpredictable, and impossible events."
The CDC Website: http://cdc.gov
Get The Legal Paige Clause Protection Bundle: https://thelegalpaige.com/protection-clause-bundle