Adaptive and agile. These are words that keep appearing in the context of how business (and government) must change. Adaptive and agile process. Adaptive and agile systems. Adaptive and agile workers. Adaptive and agile supply chain. The list goes on. Strangely enough, one of the few areas that has been missing is a call for adaptive and agile contracts - even though this is perhaps one of the most critical enablers of change. The rigidity of most contracts, along with serious under-investment in contracting process and capability, has become glaringly obvious throughout this pandemic.

As coronavirus sweeps around the world and recession looms, professionals from almost every discipline are wondering about the security of their job and income. Many are right to be concerned, but the bigger question is surely what to do about it.

The coronavirus pandemic has disrupted trading relationships worldwide – and as a consequence we are seeing negotiation and renegotiation of contracts on a massive scale. This would be difficult to manage in the best of times, but right now, with home working the norm for many employees, it presents a monumental challenge.

While physical distance can easily translate to a sense of separation and division, the current pandemic is also creating some remarkable instances of unity and togetherness. Unlike traditional wars, on this occasion humanity has a common enemy and also, because of our networked world, a shared awareness of its effect.

Last year, ‘optimism’ was a major theme at every IACCM event. We even conducted research that revealed the optimistic nature of the commercial management community - though it discovered that optimistic behavior does not extend to the workplace. When we are on the job, we see our role as ‘preventist’ - that is, protecting the organization from ill-considered or over-optimistic actions.

The Future of Sourcing offers this advice in its weekly briefing:

I heard from a colleague today that her daughter has been ‘socially distanced’ from her school. No, not a punishment - just a sudden new experience now impacting families around the world.

News headlines, stock market fluctuations, photos of empty supermarket shelves ... should we be panicking, or has there been over-reaction?

Last year’s IACCM Academic Symposiums were sell-out events – and this year promises to be no different! There is broad consensus that contract and commercial management are critical competencies for managing and making sense of today’s turbulent markets, so driving and disseminating relevant research is of tremendous importance to business and society more generally.