MNCCI offers force-majeure certificates free of chargeEconomy
Ulaanbaatar /MONTSAME/ Considering the widening quarantine restrictions in China due to the coronavirus outbreak, the Mongolian National Chamber of Commerce and Industry (MNCCI) is offering certificate of force-majeure to the entities free of charge within its social responsibility action.
The certificate is a legal document valid in number of countries in the world and it protects business runners from unexpected risks such as violating their agreement due to circumstances out of their control as well as paying additional fine, interest and undue loss.
“The force-majeure certificate is issued in situations when one of the parties unable to fulfill their obligation due to circumstances out of their control such as war, disease and natural disaster. It allows entities not to pay undue loss and fine in the period when force-majeure is occurring. Especially foreign invested service providing organizations are sending their request to get Force-Majeure Certifications due to the quarantine restriction. Therefore, the MNCCI made a decision to make fee for the certificate, which costs between MNT 550.000 to MNT 1.000.000, free until March 2 within the framework of its social responsibility actions,” said T.Duuren, Executive Director of the MNCCI.