With the economic impact of COVID-19 halting consumer spending on travel, hospitality, and entertainment, your (or your clients’) organization is likely in the midst of rightsizing its business in order to mitigate potential risks. While trying to navigate through these unprecedented times, understanding contractual obligations has become more critical than ever.
Kira’s AI-powered technology can quickly review contracts that may be impacted by COVID-19 by identifying termination clauses that could be the company’s best option to handle costs.
So we used it to conduct a study on commercial/supply contracts of travel, hospitality and entertainment companies to identify termination for convenience provisions that may support their ability to get out of contracts they no longer consider beneficial.
Our findings include:
- The overall prevalence of Termination for Convenience provisions in commercial contracts; and
- A breakdown of Termination for Convenience by industry
To learn more about how your (or your clients’) organization can proactively consider the potential legal and financial impacts of COVID-19, download our study today.