On the morning of February 2, China Council for the Promotion of International Trade (CCPIT) issued the first force majeure certificate to an auto parts manufacturer in Huzhou, Zhejiang.
If the legal proof of the failure to perform the contract cannot be provided in time, the enterprise shall not only bear the direct contract loss of RMB 2.4 million, but also may recover the loss of about RMB 30 million caused by the production line shutdown of the other party for two weeks, and the impact on the goodwill is even more incalculable.
On February 1, the enterprise applied for force majeure certificate on the online platform of CCPIT and provided relevant materials. After online submission and online audit, the enterprise received the certificate on February 2.
CCPIT can issue force majeure certificates. Affected by the outbreak of the new coronavirus infection, enterprises that are unable to perform on time or fail to perform international trade contracts can apply for the force majeure certificates to reduce losses.
Source:Sarah Yu,XINDE MARINE NEWS
The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.
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