Developing
Business·5/1/2026AI summary
India invokes force majeure for West Asia conflict, allows 2-4 month contract extensions without penalties
The finance ministry has said the West Asia conflict should be treated as a 'war' to invoke the force majeure clause in public contracts, allowing 2-4 month extensions without penalties. The department of expenditure issued an office memorandum enabling relief for companies whose contractual obligations were affected by supply chain disruptions from Feb 27 onwards. Sectors including defence, drone manufacturing, fertiliser and chemicals will benefit.
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Times of India