Business in Uzbekistan goes into force majeure mode
26/03/2020 17:30
Business in Uzbekistan goes into force majeure mode
26/03/2020 17:30
Tashkent, Uzbekistan (UzDaily.com) - In connection with the epidemiological situation in the world and the spread of coronavirus in Uzbekistan, the government decided to introduce a force majeure regime for business in case of non-fulfillment of contracts.
In order to mitigate the negative impact on the sectors of the economy of the coronavirus pandemic and global crisis, the Ministry of Investments and Foreign Trade has been instructed to issue force majeure certificates (force majeure) upon requests from business entities. The deadline for obtaining a certificate is one day (if force majeure is associated with coronavirus).
At the same time, it is worth noting that in accordance with the Regulation on the procedure for confirmation of force majeure circumstances approved by the Cabinet of Ministers of February 15, 2005 No. 63, force majeure determines emergency, unavoidable and unforeseen circumstances caused by natural phenomena (landslides, earthquakes, hurricanes , droughts and others) or socio-economic circumstances (state of war, blockade, import and export bans in the public interest and others) that are not dependent on the will and actions of the parties, that occurred on the territory of the republic, in connection with which they cannot fulfill their obligations under foreign trade transactions and international treaties.
At the same time, such circumstances do not include violation of obligations on the part of the debtor’s counterparties, absence of goods necessary for execution on the market, and others.
In general, the parties may attempt to agree on mutually beneficial conditions in the event of force majeure circumstances of one of the parties (for example, extending the deadlines for fulfilling obligations by amending contractual obligations).
In case of failure to reach an agreement, one of the parties requiring confirmation of force majeure circumstances may contact the Ministry of Investment and Foreign Trade to issue a certificate.
The Ministry of Investments and Foreign Trade will take all necessary operational measures to assist economic entities of the Republic in issuing the above certificates.
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