Our FUND EDU Online sessions are built as a resource for entrepreneurs, early stage companies and small business owners to utilize during this time of uncertainty. Last week Anthony Nasharr, from the Polsinelli Chicago team, led a discussion on contracts and performance. He covered how to seek forbearance on your rental agreements, how to exercise existing contracts, and tips to manage a crisis.
We put together some short clips for you to review. Or, if you’d like to watch the full session, the full video is posted at the bottom.
Be proactive, tell your story
When you’re seeking forbearance from your landlord, bank , or vendors, you need to be able to tell your story so they have an understanding of your current situation. Try answering questions like what is your circumstance?, what’s happened with you, your revenue or your operations that motivates you to ask for forbearance?Anthony Nasharr, Shareholder, Polsinelli Chicago
How to exercise outstanding contracts
Check your agreement(s) to see if there is a force majeure clause, a provision that allows you to request a modification, or a termination clause that you can exercise.Anthony Nasharr, Shareholder, Polsinelli-Chicago