A company declares force majeure to allow it to interrupt that supply if an extraordinary event happens 🔒
BL PREMIUMAnglo American Platinum , the world’s second-biggest source of platinum group metals , is scrambling to find spare refining capacity after declaring force majeure on supply contracts and lowered its full-year refined output forecast by a fifth, or 900,000oz.
A company declares force majeure, a clause in all supply contracts with customers, to allow it to interrupt that supply if an extraordinary event happens. It carries with it reputational damage and it is not something companies declare easily.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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