Force majeure enabled for ‘war’-hit contracts: Govt procurers to grant case-by-case extensions, only for firms that hadn’t defaulted by Feb 27
The finance ministry has authorized force majeure for government contracts impacted by the West Asia conflict, treating it as war. This offers relief to companies, including drone manufacturers, facing supply chain disruptions and delivery delays of two to four months. The move shields firms from penalties for missed deadlines due to the ongoing conflict. The finance ministry has authorised invocation…
Key Insights
- This topic is currently trending
- Experts are closely monitoring developments
- It may impact future decisions
