What the Covid Economy Looks Like and Legal Tips on How to Succeed in it!
The global economy is in the middle of a major transition as a result of the pandemic. We are now more than six months into this global phenomenon, and many regions are experiencing economic recession. These regions include the Middle East, the UK, Europe, the US, and almost every country has been affected. It is natural to anticipate that growth prospects will be cut short for businesses. However, though many people have lost their jobs, many people still do have jobs and employment prospects. In addition, though certain sectors have seen a huge drop in business, such as tourism or healthcare, certain sectors have become more firmly rooted in the global economy, such as the e-commerce sector.
E-commerce may soon replace the traditional consumer experience, or at least lead to the adaptation of online commerce on a more global scale. In addition, healthcare investment could prove to be very lucrative, as many companies scramble to develop a coronavirus vaccine. The prospective profits which could be earned from the sale and production of billions of vaccine doses is potentially off the charts. At the same time, the US stock markets have been rallying, due to increased growth in e-commerce sectors, and the world’s billionaires, such as Warren Buffet, Jeff Bezos, Mukesh Ambani and Elon Musk, have more than doubled their multi billion dollar wealth holdings. Therefore, it is clear that the global economy is in transition, and this article aims to give readers a few tips which could help them to keep up. After all, human beings are very adaptable, and the world economy is now adapting to the major changes brought on by the Pandemic.
What Kind of Work Can you Expect to Find if you’ve been Laid Off?
It may be hard to find the perfect job or the job that suits your interests and passions during the pandemic. However, if you need to make ends meet while you wait for your perfect opportunity, it may be worth it to consider joining the “gig” economy. Freelancing can be an opportunity to learn new skills and make some money at the same time. For some, freelancing may even become a viable career path. However, when freelancing, you will have to run your working self as a “business.”
It will also be very important to understand the key differences between the traditional employer-employee relationship, and your new contractor relationship between your customers and yourself. Your customer won’t be responsible for providing benefits and perks. You can compensate for this reality by charging an appropriate rate of pay and setting your own scope of work. Furthermore, your customer is probably going to be less invested in your personal well being, and more concerned with your end product. This also means that you have more control over your work hours, and can build in a better work life balance.
It is very important that freelancers establish a service agreement with their customers, and consider purchasing standard invoice or contract templates online. This will be crucial if you want to ensure that you get paid! If you need professional assistance with this, get in touch at info@borderlesscounsel.com.
Losing your Job Does not Mean You Have to Lose your Home
Debt restructuring is a phrase that is used often by both businesses and individuals when discussing their strategy for surviving the pandemic. With the application of the almost universal legal doctrine of “force majeure,” many individuals will also be able to negotiate amendments to their leases and purchase contracts, or terminate such agreements, based on factors beyond their reasonable control. Working with local legal consultants, we have successfully managed to argue in the courts, or settle various rental or property purchase agreements between individuals and their landlords/creditors, using this legal doctrine. This has been the case in the UAE, Bahrain, the US and Canada. Therefore, we can say with some degree of certainty, that you may have the right to alter your lease or purchase agreement, when it comes to property occupancy or ownership. This could be the case if your earnings have been reduced during the pandemic, due directly to the pandemic and its economic consequences.
It is very important however, that individuals do not try to use the “force majeure” doctrine to squeeze landlords and creditors. By utilizing this legal doctrine in debt resettlement tactics, you are basically stating to the courts and your creditors, that you have suffered a reduction in income which is beyond your reasonable control. Therefore, you must be prepared to back up this assertion with documentary proof of your “dire” situation. If you are not prepared to communicate with transparency, regarding your personal finances, then maybe you should consider if a renegotiation of your debts is really the best option. On the other hand, if you are trying to terminate an agreement due to a change in personal circumstance which may not necessarily be financial, in order to avoid a future debt or obligation, the documentary burden may be a little bit easier to meet. This change in circumstance must directly impact your ability to meet your contractual obligations, and it must be caused by some factor beyond your reasonable control, such as the effects of the global pandemic.
DO NOTE that none of the above content is to be construed as legal advice. If you need to be put in touch with a legal professional, get in touch with us at info@borderlesscounsel.com.