Business

Pandemic and its after-effects in businesses

The rapidly evolving threat around the COVID-19 virus, commonly referred to as coronavirus, is impacting businesses around the globe. It is seen that companies, businesses, and governments are taking a measured approach to safeguard employees and mitigate financial and operational exposure. Needless to say, whether we like to admit it or not, the world around us has changed and with that, the Legal world which is by nature slow to change and adapt has been shaken due to the closure of courts. 

It won’t be wrong to say that the after-effects of a pandemic will come in waves that will affect different industry domains.  In the immediate aftermath of the crash in 2008, financial institutions that suffered the biggest losses faced the first wave of corporate and securities lawsuits. This was followed by governmental investigations into the securitization market, and finally by other private civil litigation related to the mortgage market.

We will likely observe similar waves of litigation stemming from COVID-19. Industries most directly affected by the pandemic including small-scale businesses, airlines, restaurants, and cruise lines, are already weathering swarms of legal disputes related to ticket cancellations, business closures, and, above all, customers’ contraction of the virus. Most business owners would agree that protecting their intellectual property, trade secrets, and other sensitive private data is of utmost importance. 

In a recent amendment, the state of Louisiana under the LA R.S. 23:921 specifically identifies individual “shareholders of [a] corporation,” “partners of [a] partnership,” and “members of [a] limited liability company” as individuals who may also be subject to New Orleans non-compete agreement restricting them from “becom[ing] employed by” a competitive company. Therefore it is a smart step to have your New Orleans non-compete agreement with partners, shareholders, or members executed now itself. 

Ideally, the New Orleans non-compete agreements must be based on protecting at least one of five “legitimate business interests”: 

(1) trade secrets

(2) extraordinary or specialized training

(3) substantial relationships with customers, patients, or clients 

(4) a company’s “goodwill” and reputation

(5) confidential and valuable business information.

It is advisable that the non-compete agreement should make a stand-alone, separate from any contractual agreement which the employer owes the employee.

Just like other businesses construction and real estate along with the sports and entertainment industry also took a toll. Due to the already shrinking economy in the pandemic and unavailability and cancellations of seasonal sports events. The young athletes along with NCAA officials have made requests to make changes in the law. An Athlete Defender NCAA name age likeness attorney for athletes can be engaged to provide advocacy if you are involved in a scholarship dispute. A scholarship reduction or withdrawal can yield devastating consequences, and we fully understand the fact that the stakes are high. We have assisted many clients who have been in this situation, and we can guide you through this complex and often frightening process.

The NCAA name age likeness attorney along with various other officials of the State and Federal Legislation Working Group, which was created to allow athletes to benefit and receive payment for the use of their name, image, and likeness, or NIL released a report to guide NCAA, affiliated athletes, to benefit from their NCAA name, image and likeness outlined in the report mentioned any pay-related solely to athletic performance will not be permissible, but compensation for other activity such as social media promotions or endorsements of a product or service will be allowed. For a few years now the NCAA name age likeness attorney has been calling government officials to pass federal legislation governing how sportsmen can make a profit from the use of their names, image & likeness a practice which is backed by the majority of Americans. 

In the wake of these reforms, it is very important that the interests of our common people must be protected which can lead to betterment for the sports industry along with various other industrial sectors. 

by https://www.bswllp.com/

A post by Deannaanderson (1 Posts)

Deannaanderson is author at LeraBlog. The author's views are entirely their own and may not reflect the views and opinions of LeraBlog staff.

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