Category: CRC
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COVID-19 Impact: Force Majeure Gives Auto Component Vendors Sleepless Nights
In these unprecedented times of COVID-19, when the global economy is screeching to a halt, three companies in the automobile sector have invoked the force majeure clause to defer their payment obligations. A force majeure (FM) clause is invoked by companies in unforeseeable circumstances that prevent someone from fulfilling a contract. The country-wide lockdown has resulted…