Businesses can obtain a force majeure certificate
The Ministry of Investments and Foreign Trade was instructed to issue certificates of force majeure upon requests from enterprises. The deadline for receiving it is one day, if a force majeure circumstance is associated with a coronavirus pandemic.
The Ministry of Investment and Foreign Trade (MIFT) of Uzbekistan has begun issuing certificates of force majeure, which will free companies and enterprises from fulfilling obligations under foreign contracts amid the spread of coronavirus, the ministry's press service said.
Recall that by a presidential decree on measures to support the economic sector in a pandemic, the government of the country was instructed to introduce a force majeure regime for business in case of non-fulfillment of contracts.
MIFT was instructed to issue certificates of force majeure in connection with the coronavirus upon requests from business entities within one day.
According to the ministry, the circumstances of force majeure do not include the violation of obligations by the counterparties of the debtor, as well as the lack of the necessary goods on the market.
The parties may attempt to agree on mutually beneficial terms in the event of force majeure in one of the parties. If an agreement could not be reached, one of the parties can apply to the Ministry of Investment and Foreign Trade to issue a certificate, the press service added.
Source: gazeta.uz