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The Ministry of Commerce and Industry has issued a circular compelling the contractors and service providers of concerts, festivals, events and special gatherings to seek consensual agreements with their clients following the directives to ban all such events.
The circular falls in line with the ministry’s efforts to ensure stability in business transactions between suppliers and consumers while taking into account the interests of both parties and avoiding material damages that may be caused to any party due to the preventive and precautionary measures implemented by the state to reduce the spread of the coronavirus (COVID-19).
It said as the COVID-19 is considered a global pandemic and a force majeure that cannot be avoided or anticipated, it makes it difficult for some suppliers to fulfil their obligations towards consumers at the present time. The MoCI has called on service providers to ratify new contracts that outline other dates to fulfil their obligations or to seek consensual agreements that take into account the interests of both parties with regard to the down payments and financial instalments made to suppliers in return for assuming their obligations as agreed with consumers. The ministry urged all suppliers to adhere to the provisions of the circular and to embrace this initiative in line with preventive measures to protect the health of all members of society. (TNN)
The circular falls in line with the ministry’s efforts to ensure stability in business transactions between suppliers and consumers while taking into account the interests of both parties and avoiding material damages that may be caused to any party due to the preventive and precautionary measures implemented by the state to reduce the spread of the coronavirus (COVID-19).
It said as the COVID-19 is considered a global pandemic and a force majeure that cannot be avoided or anticipated, it makes it difficult for some suppliers to fulfil their obligations towards consumers at the present time. The MoCI has called on service providers to ratify new contracts that outline other dates to fulfil their obligations or to seek consensual agreements that take into account the interests of both parties with regard to the down payments and financial instalments made to suppliers in return for assuming their obligations as agreed with consumers. The ministry urged all suppliers to adhere to the provisions of the circular and to embrace this initiative in line with preventive measures to protect the health of all members of society. (TNN)
