The National Y2K Committee has submitted a Y2K Law to the Cabinet but it was turned down. What should a company do now to reduce the risk of being sued for Y2K problem?
Although the Cabinet did not agree to pass the Y2K law, it does not mean that there will be a lot of chaotic situations. Business and life can still go on as usual.
To prepare oneself at this time, you should:
- Announce what you know about your Y2K problems in your own business, services and products. Provide information on how much you have done and what kind of effect still remains.
- Talk and discuss about Y2K problems with your major suppliers and customers to eliminate any misunderstanding and to establish cooperation.
- Re-read all contracts with suppliers and customers carefully. Have your own lawyer study the contracts and pin point how much liability you have and prepare for that.
- Speed up your Y2K remediation process.
- Announce your Y2K readiness to the public. However, make sure that your announcement is true.