CFOs are looking out for legal contracts to handle COVID19

As businesses are going through the biggest pandemic Covid19 of the century, CFOs are becoming the most important asset in the company to support resilience and relevance. The challenges CFOs are facing including managing cash flows, fixed costs, price discount requests coming from customers and delivery challenges from vendors.

All these issues require the active participation of CFO to protect the best interest of the company, however, CFO requires signed legal agreement to understand rights and negotiation powers. In the current pandemic, it is impossible to get a hands on the physical copies of agreements considering no access to office, social distancing and the logistical nightmare. A digital platform to manage legal contracts is the only possible solution. A rent renegotiation or lease termination discussion can happen only based on signed lease terms, at the same time if the customer comes for price discount even conducting that discussion with customers requires access to digital contracts to understand terms of the contract.

It is just impossible to renegotiate, terminate, or renew any commercial arrangement without access to executed contract and here in pandemic situation access to paper contract is just ruled out. The current situation has brought in unprecedented challenges to CFO’s so think of a situation you have an office with rent pay-out but the city is in lock-down or you have paid to your supplier but the delivery is going through challenges due to execution issues with the supplier and you are looking to protect your money. In all such situations, CFO needs advise of General Counsel, which can happen only by accessing legal contracts digitally.

Managing business momentum and expansion in new normal of Covid19 requires businesses to look out for a digital solution to sign business contracts digitally. In such a situation Contract Management Software becomes an absolute necessity.