centerlogobigAAD logo

enarzh-CNnlfrdehiplrues
Asia

Epicenter of todays financial storm.

Before Russia and Saudi Arabia started a price war, the glut on the market was caused by a series of Chinese purchase reneggings, something American country auctioneers are long familiar with because Chinese "bid then reneg" is actually quite common.

Given the mega contracts tied to such enormous transactions international legal experts think the Chinese will NOT prevail in their claims of Force Majeure.

Of the 94 contracts with these force majeure provisions, just 13 of them explicitly state that public health events — such as flu, epidemic, serious illness, plagues, disease, emergency or outbreaks — would constitute a force majeure situation. Unforeseen public health situations were not expressly included in the remaining 81 contracts.

Read more on CNBC:

https://www.cnbc.com/2020/03/06/coronavirus-impact-china-invokes-force-majeure-to-protect-businesses.html

3703DC28 C63D 42C0 9E0B BE498CEAEEEA

You may also like to read:

* In Coronavirus, a ‘Battle’ That Could Humble China’s Strongman 

Coincidence? Wuhan has two bio warfare labs

About the Author

AAD REPORTS

AAD REPORTS

AAD REPORTS   Reports, news and opinion from Art-Antiques-Design.com