The LIBOR transition will impact close to $400 trillion in contracts. Organizations face a daunting task to examine, renegotiate and redocument any contracts containing LIBOR-based language or instruments before LIBOR expires on December 31, 2021.
Thought Leadership and Industry Trends
Highlights from LIBOR Summit 2020 – Online Edition – Litigation and Documentation: Updates to Guide Your Transition Planning
COVID-19 has not stopped the need to plan for the LIBOR transition. In fact, appropriate planning and action has become even more urgent. For this reason, CDS and Greenpoint Financial co-hosted the virtual event LIBOR Summit 2020 – Litigation and Documentation in April to bring together experts to provide updates and advice to organizations, regulators, and counsel.
Whether as a landlord, a lender, a manufacturer or a buyer, the upheaval in our lives caused by the COVID-19 pandemic has impacted the way we do business. What you may not be aware of is the impact it can have on your business contracts. Force majeure clauses, often considered to be standard boilerplate contract language, have not gotten much attention before now.
It is common for external factors such as new legal or business changes to affect an existing contract. A company using only a few standard contracts may not require much time to go through its contracts manually to address such issues. However, for companies with hundreds or thousands of contracts, substantial effort may be needed just to identify which contracts are impacted.
As companies struggle to find the best tools for information management, the most effective technology is now coming from a new source – eDiscovery service providers…The key issue for companies is to deploy a solution that combines a powerful technology platform with the in-depth expertise of lawyer-technologists who know how to leverage its value.