#Newspaper
Chinese Government willing to issue force majeure
Market fears contract breaches by Chinese firms
Editor’s note:
Force majeure, meaning irresistible force, is a legal term which often occurs as a common clause in contacts to free both parties form liabilities and obligations. It is used in the occurrences of extraordinary events or circumstances beyond the reasonable control of both parties. In the natural context, these include earthquakes, typhoons, floods and tsunamis; and in social context, wars, construction of infrastructure and other government policies.
(2 Feb) As reported by CNBC, the China Council for the Promotion of International Trade (CCPIT) recently stated that, if local Chinese companies could not fulfil their responsibilities in multinational contracts due to the widespread coronavirus, China would issue force majeure, allowing these companies to breach their contracts without consequences. Many traders suspect that such move would cause the international commodity market to take a hammering, especially in the quotation of energy and raw materials, due to fear of contract breaches by many Chinese enterprises.
The CCPIT stated such move was to protect the interest of Chinese companies, as well as reducing their losses (due to the virus). To apply force majeure for their contracts, Chinese companies would be required to provide several documents, including proof of delay, (evidence for) the cancellation of shipping via air, land and sea, agreements or contracts of export, and customs declarations.
Source: Liberty Times Net
https://ec.ltn.com.tw/article/breakingnews/3054997
#ForceMajeure #WuhanCoronavirus #Economy
Chinese Government willing to issue force majeure
Market fears contract breaches by Chinese firms
Editor’s note:
Force majeure, meaning irresistible force, is a legal term which often occurs as a common clause in contacts to free both parties form liabilities and obligations. It is used in the occurrences of extraordinary events or circumstances beyond the reasonable control of both parties. In the natural context, these include earthquakes, typhoons, floods and tsunamis; and in social context, wars, construction of infrastructure and other government policies.
(2 Feb) As reported by CNBC, the China Council for the Promotion of International Trade (CCPIT) recently stated that, if local Chinese companies could not fulfil their responsibilities in multinational contracts due to the widespread coronavirus, China would issue force majeure, allowing these companies to breach their contracts without consequences. Many traders suspect that such move would cause the international commodity market to take a hammering, especially in the quotation of energy and raw materials, due to fear of contract breaches by many Chinese enterprises.
The CCPIT stated such move was to protect the interest of Chinese companies, as well as reducing their losses (due to the virus). To apply force majeure for their contracts, Chinese companies would be required to provide several documents, including proof of delay, (evidence for) the cancellation of shipping via air, land and sea, agreements or contracts of export, and customs declarations.
Source: Liberty Times Net
https://ec.ltn.com.tw/article/breakingnews/3054997
#ForceMajeure #WuhanCoronavirus #Economy
自由時報電子報
武漢肺炎》官方願出"不可抗力証明" 商品市場恐面臨中國企業大毀約 - 自由財經
〔財經頻道／綜合報導〕根據CNBC報導，中國國際貿易促進委員會近日在一份聲明中說，如果中國當地企業由於武漢肺炎病毒的爆發而無法履行其國際合同義務，中國將提供不可抗力證書（force majeur
#Newspaper
Global Times: China may consider to execute the Force Majeure in the trading contract
(6 Feb) Notice of the Customs Tariff Commission of the Ministry of Finance of the People’s Republic of China stated that the tariff imposed on 75 billion of U.S. imported commercial goods would be reduced by half to facilitate health and stable development of the trade between the U.S. and China. And they are working with the U.S on the cancellation all tariff.
“Global Times” released a review article that brand-new coronavirus epidemic resulted in more than 500 death and tens of thousands of infection. China is considering to execute the force majeure in the first phase of the trade agreement between the U.S. and China. A report quoted a mainland China commercial expert said China couldn’t conclude the result of the negotiating with the U.S. on the terms of the force majeure in the first quarter.
Excerpt: Now News
https://news.now.com/mobile/finance/player?newsId=379605
#Economy #ForceMajeure #TradeWar
Global Times: China may consider to execute the Force Majeure in the trading contract
(6 Feb) Notice of the Customs Tariff Commission of the Ministry of Finance of the People’s Republic of China stated that the tariff imposed on 75 billion of U.S. imported commercial goods would be reduced by half to facilitate health and stable development of the trade between the U.S. and China. And they are working with the U.S on the cancellation all tariff.
“Global Times” released a review article that brand-new coronavirus epidemic resulted in more than 500 death and tens of thousands of infection. China is considering to execute the force majeure in the first phase of the trade agreement between the U.S. and China. A report quoted a mainland China commercial expert said China couldn’t conclude the result of the negotiating with the U.S. on the terms of the force majeure in the first quarter.
Excerpt: Now News
https://news.now.com/mobile/finance/player?newsId=379605
#Economy #ForceMajeure #TradeWar
Now 新聞
【關稅減半】環時：中國或正考慮使用貿協中的災難條款
【Now新聞台】內地下周五起將會對總值750億美元的美國貨關稅減半，中方表示希望兩國朝着最終取消全部加徵關稅努力。