Chan
Robles
has a different view of the Year
2000
debacle now commonly described as
Y2K
.
Many
experts are advancing the view that the wheels of industry and commerce
will suddenly grind to a complete halt by January 1, 2000, resulting in
a worst worldwide recession costing about US$1 trillion. Still
many
quarters predict that the legal profession will benefit most from this
unfortunate scenario.
It
is opined, however, that all the foregoing grim prognostication may not
necessarily occur if the players will implement, at this early, a
planned
and reasoned approach to solving it. Appropriate legal guidance
is
necessary in order to make the problem manageable and less costly.
Chan
Robles
has prepared for this eventuality
in
its own technology system. Its Y2K Team, in consultation with its
IT consultants, has been studying the legal aspects of the Millennium
Bug
and is in a position to give appropriate advice on many of its baffling
aspects. The problem, being far-reaching and wide-ranging in its
implications, should be seriously looked into and clients should
sharply
focus its attention on the Bug's adverse implications on the following
major areas of concern:
A legal
audit should, in our view, be immediately and seasonably taken by
management
on the following:chanroblesvirtuallawlibrary
Liabilities
of Officers and Directors
Management
of Risk Exposure
Analysis
of Warranty and Indemnity Contracts
Preparing
early for the most tragic technological disaster absolutely certain to
occur on the very first day of the 21st century is the most prudent
approach
one should take.
We
shall keep you posted on the latest
Y2K
developments in the
Philippines
and worldwide on this page and
in our
subsequent articles.