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The chairman of a leading business house in Mumbai has instructed his managers to go through all company contracts rigorously. The reason: He doesn't want any vendor to wriggle out of a contract by invoking force majeure.
His concern is not without reason. Leading Indian firms — from upmarket high-street retailers in shopping malls to movie exhibitions and from companies in broad swathes of the industry from cement, power, energy, logistics, ports, automobiles and tyres — have or are planning to invoke this magic clause. This is to protect themselves from any default on contractual obligations.
Corporates are relying on
