2020 is a great time of upheaval and we’re far from over yet. So, putting measures in place to protect your business and interests over time is important. Here are some tips to do so.
1. Put Everything In Writing – Keep proof of everything that has been said or agreed upon
Considering the high number of engagements being called off, you may be forced to deal with numerous companies by way of phone. It is crucial to ensure that you follow up any verbal agreement with an email. Regardless of if the particular company agrees to do so or not, ensure that you email them to ascertain what you discussed.
In case you ever need to take legal action against a company of any party, then having records of what was agreed upon will make your case much easier.
2. Handling Debts – Review your options with the creditors, don’t just ignore
In this difficult period when many people are experiencing a reduction in their income, including you, you might be worried about how you are going to manage to pay your existing debts. It is essential to talk to the company or individual that you owe, in case you are currently unable to meet your regular monthly payment obligations due to your financial situation. This way, you will be able to come up with a favorable plan, such as payment deferment or reduced payment amounts. If things become too troublesome there is always payday loan UK to make ends meet.
Considering that what we are currently facing as the global community is unlike anything we’ve ever faced before, people are more likely to be compassionate and understanding. If you reach a certain agreement, then, remember, as stated in the above point, put it in writing.
3. Protect Your Job – Carefully go over your employment contract!
As a result of the current situation, many employers have been forced to take drastic measures such as laying off staff to cut costs. To avoid unfairly losing your job, you need to understand your employment rights, in addition to reading through your employment contract. For professional guidance and assistance on matters regarding your employment rights and any other related issues, get in touch with our legal team as soon as possible. You can also take a look at our other employment law articles.
4. Force Majeure – Terminating a contract due to unforeseeable circumstances that are beyond your power
With more and more agreements being canceled, the term ‘Force Majeure’ may keep popping up. For those who don’t know, it refers to unforeseeable occurrence that makes it hard for an individual to fulfill a contract. It is used when one wants to prematurely terminate a contract without facing the associated consequences.
With the Coronavirus pandemic, companies and individuals might try to use this to cancel contracts. Even though Force Majeure isn’t an automatic right under the law in UK, it is often included within a clause in a contract. Prior to bringing forth this issue, you need to make sure that you or your attorney reviews the particular contract.
5. Protect Your Home – Request for a mortgage payment break
As discussed earlier in the second point, many people are going through financial struggles during this time. Just recently, the Government made the announcement of a proposed 3-month mortgage payment break for those people who will be unable to afford their payments in the coming few months. To take advantage of this option, directly contact your lender.
In the case of those living in rented housing, the Government passed legislation that the notice for repossession should now be 3 months. What this means is that your landlord has no legal right to evict you from your property for 3 months following the date they issue you with the notice. In case you are facing difficulties paying your monthly rent, then you should speak to your landlord to see what relief option they have for you.
6. Canceling Events – Can I be refunded for my canceled events?
All kinds of planned events are being canceled throughout the country. Ideally, in case the organization cancels your event, then it should offer you the chance to re-book free of charge or give you a full refund. But if you are the one who chooses to cancel the event, then you can’t be sure that you will receive a refund. It all depends on the organization’s willingness to issue refunds during this period. If you have any concerns then you should contact the company to go over your options.
7. Travel Insurance – I have been forced to cancel my summer holiday
With so many travel restrictions around the world, many people will need to cancel their summer holiday plans. Before you go ahead canceling the holiday, you need to first review your travel insurance policy. A majority of travel insurance providers do not cover trip cancellation following a pandemic, which means that you stand to lose money. You should get a full refund if the holiday provider cancels the plans, however, it is still highly recommended to go over the terms and conditions of your booking.