Schenk's bottom line: Difficult financial times are not the time to skimp on reviewing the contract, because you want to make sure that you are thinking very clearly about what that contract says, making sure that it matches your business goals and does the best job it can at articulating the situations in which one party or another might need to exit from the relationship.
After all, Schenk says, "When times are good, nobody looks at the contract. But when times are tough, that's when people pull out the contracts — and sometimes they can be surprised at what they see."
How is the financial crisis affecting your supply chain relationships? Are you spending more time with your legal counsel these days? As always, you can write me with your thoughts at firstname.lastname@example.org. I'll look forward to hearing from you.