NECA Recommendations for Tariffs & the Electrical Industry — EC&M On Air Highlights
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Key Takeaways
Review existing fixed-price contracts for force majeure or change in law clauses that might address tariff-related cost increases.
Proactively negotiate cost escalation clauses into all new contracts to protect against unforeseen material price hikes due to tariffs.
Diversify your material suppliers, including exploring domestic manufacturers or international options, to reduce reliance on single sources and mitigate tariff impacts.
Implement strategic inventory management practices and coordinate with third-party vendors to prevent material shortages and delays.
Consult with legal and financial experts to ensure compliance with new trade policies and effectively manage financial risks associated with tariffs.
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