The Economic Times

Force majeure enabled for 'war'-hit contracts: Govt procurers to grant case-by-case extensions, only for firms that hadnt defaulted by Feb 27

The finance ministry has authorized force majeure for government contracts impacted by the West Asia conflict, treating it as war. This offers relief to companies, including drone manufacturers, facing supply chain disruptions and delivery delays of two to four months. The move shields firms from penalties for missed deadlines due to the ongoing conflict.