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Jiangsu CCPIT System Issued Force Majeure Certificates to Shield Companies from an Estimated loss of 87 million USD

CCPITJS

2020-04-22

 

Affected by COVID-19 Coronavirus, many companies postponed work resumption and the production and logistics supply chain was also affected. As a result, companies were unable to perform on time or cannot fulfill international trade contracts. To help companies protect their rights, reduce losses and stabilize trade, Jiangsu CCPIT System handed out 6 certificates on the first working day, involving machinery equipment and accessories selling to Australia, Japan, South Korea, Philippines and Cambodia which shielded companies from an estimated loss of over 87 million USD.

 

The certificate refers to the proof of the facts related to force majeure, which CCPIT and its sub-councils issued to virus-hit applicants. It is an important proof document for enterprises to reduce or get exempt from the liability for breaching a contract. At present, the certificate has been recognized by most countries and region governments, customs, chambers of commerce and enterprises around the world, and has strong authority and credibility outside the country.

 
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