NEW DELHI: The finance ministry on Wednesday invoked the “force majeure” clause to provide relief to suppliers who are finding it tough to execute government contracts due to coronavirus.
This would help avoid imposition of penalties and other negative consequences on companies executing government contracts as they might be dependent on supplies from affected areas in China. In response to the request from industry on Tuesday, the finance ministry issued a clarification to all secretaries that disruptions due to coronavirus may be treated as force majeure events, officials said.
This would help avoid imposition of penalties and other negative consequences on companies executing government contracts as they might be dependent on supplies from affected areas in China. In response to the request from industry on Tuesday, the finance ministry issued a clarification to all secretaries that disruptions due to coronavirus may be treated as force majeure events, officials said.
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