Force Majeure Events Research Articles

METHODOLOGICAL APPROACHES TO TAX AUDIT: THE IMPERATIVE OF ANALYSIS UNDER THE CONDITION OF UNCERTAINTY OF THE TERM

Introduction. A tax audit is a comprehensive examination of the financial activities of business entities with the aim of assessing compliance with tax legislation and identifying possible violations. In modern conditions, when economic instability and constant changes in tax legislation are becoming the norm, ensuring the effectiveness and accuracy of tax audits requires the use of complex methodological approaches. One of the key problems of the tax audit is the uncertainty of terms, which makes it difficult to plan and conduct audit procedures. Uncertainty can be caused by various factors, including changes in legislation, economic crises, force majeure and other unforeseen events. This uncertainty creates additional challenges for auditors who must adapt their methodological approaches to new conditions. The purpose of the article is considering methodological approaches to the interpretation of tax audits, identify their advantages and disadvantages. To justify the analysis as an imperative element of the tax audit method in the system of control over compliance with tax legislation. Methods. The following methods were used in the study of methodological approaches to tax audits in conditions of uncertainty of terms: analysis of literary sources. A systematic review of scientific publications, articles, monographs and legal acts related to tax audit was conducted. This made it possible to identify existing approaches and theoretical foundations; Comparative analysis: a comparison of different methodological approaches used in tax audits in different countries and conditions was made. This helped identify the most effective practices and adapt them to conditions of uncertainty. Results. A detailed substantiation of methodological approaches to the interpretation of tax audit from the standpoint of linguistic semantics strengthens the opinions of those scientists and practitioners who believe that in parallel with independent audit and audit services in the field of taxation, the concept of tax audit can be used for inspections carried out by tax authorities. In this case, both tax authorities and independent auditors have the right to use the concept of tax audit and have the right to conduct it. However, in our opinion, it is more appropriate to use two separate terms, in particular, such as "state tax audit" and "independent tax audit".

ASSESSING THE LEGAL RAMIFICATIONS OF THE COVID-19 PANDEMIC ON ADMINISTRATIVE CONTRACTS IN THE UNITED ARAB EMIRATES: COMPARATIVE REVIEW

Background: This study aims to establish whether COVID-19 qualified as a force majeure event or exceptional circumstance according to the laws of the United Arab Emirates (UAE) and assess if a particular principle can circumvent contractual duties. It investigates how COVID-19 impacted administrative contracts in the UAE, using UAE laws and case studies to explore legal theories that justify failure to perform an obligation in such contracts. The UAE, like many other countries, faced an unpredictable event and utilised all its resources and manpower to combat the danger and ensure the safety of its people. This resulted in various restrictions, such as mandatory quarantine for everyone entering the UAE and limitations on travel outside the country. Additionally, certain Emirates within the UAE, such as Abu Dhabi, imposed entry restrictions, requiring a negative COVID-19 test result for entry and later mandating that only vaccinated individuals were permitted to enter. Additionally, the study explores the necessary criteria for demonstrating force majeure or exceptional circumstances in said contracts. This study used an analytical approach to examine laws and court decisions. Based on the findings, the outbreak of COVID-19 did not directly impact administrative contracts in the UAE. This is likely due to the authorities’ effective handling of the situation. Notably, the theories of force majeure and exceptional circumstances could not be automatically and generally applied to all contracts because each contract was unique and required individual considerations. The study presents potential theoretical and practical applications, highlighting opportunities for future research.

THE ROLE OF RISK MANAGEMENT IN ENSURING THE FINANCIAL STABILITY OF ENTERPRISES UNDER FORCE MAJEURE CIRCUMSTANCES IN FOREIGN ECONOMIC ACTIVITIES

The article examines the influence of the modern globalized economic environment on the activities of enterprises operating in the field of foreign economic activity and facing a large number of risks in the course of their operation, in particular due to the influence of force majeure circumstances. The importance of risk management for ensuring the financial stability of enterprises in the conditions of increasing risks and threats to economic activity is determined. The impact of risk management on the financial stability of enterprises in foreign economic activity, especially in cases of force majeure, is studied. It has been proven that risk management in the context of foreign trade involves the identification, assessment, management and monitoring of risks that may arise. It has been determined that effective risk management allows business entities to properly adapt to changes in the economic environment and reduces the likelihood of financial losses in the event of force majeure events, such as the cessation of trade, sudden changes in exchange rates, or military or political crises. Strategies for including risk management in the management processes of enterprises based on analytical assessments and practical experience of ensuring financial stability are considered. Methods of risk identification, development of risk minimization strategies and mechanisms of risk control during foreign economic operations were studied. The objective necessity of forming an effective risk management system in the management mechanism of economic entities to ensure the financial stability of enterprises in foreign economic activity, especially in connection with force majeure circumstances, has been proven. The issue of implementing risk management at the level of strategic and operational management of enterprises is considered. Methods of risk forecasting, analysis of their impact on financial indicators and development of effective action plans to reduce possible negative consequences of exposure to risks and threats were analyzed. The necessity of introducing international risk management standards into the activities of Ukrainian enterprises, which contribute to increasing their level of competitiveness and compliance with international requirements, has been proven. The need for constant improvement of the risk management system and the introduction of corrections in enterprise management strategies, taking into account changes in the external environment, was identified. It is proposed to introduce approaches to the management of enterprises focused on effective management of financial risks in force majeure situations in order to ensure their financial sustainability and stability.

The Imposition of Financial Consequences Due to Force Majeure in Construction Service Agreements

Force majeure events are likely in Indonesian construction projects due to the country'ssusceptibility to natural disasters. Contractors are particularly vulnerable to defaults like completion delaysand financial losses due to damage. Legal protection through force majeure clauses is crucial. However,some Project Owners hesitate to define force majeure conditions due to a lack of understanding.Researchers aim to clarify force majeure concepts in agreements and construction contracts to ensure legalcertainty for all parties involved. This study employs a qualitative descriptive approach utilizing libraryresearch methods for data collection. Research findings indicate that construction service contract standardsin Indonesia, including those within the PUPR environment, the FIDIC Contract Form, and other projectcontracts, align with expert formulations and relevant regulations regarding the implementation of the ForceMajeure concept. Typically, the allocation of cost consequences resulting from a Force Majeure eventassigns responsibility to the Project Owner as the Creditor, rather than transferring it to the contractor.However, variations can occur based on the parties' agreement, which, if agreed upon, are legally bindingunder the Pacta Sunt Servanda principle, which facilitates the shifting of Force Majeure liability to thecontractor, prompting the contractor to consider it in their offer.

Promoting Effective Refugee Protection in India: Balancing National Interests and International Obligations

In the background of the climate change, we estimate that one of the problems that humanity is to face in the near future concerns natural resources. In our view, water is one of the resources that will become increasingly important in the coming years by being on the way to diminishing. Force majeure events such as the vegetation fires or floods in the summer of 2023 show us that people and nature must be friends. Given that drinking water is vital for human existence, we believe that the proposed topic is of general interest and should be of concern not only to public authorities, but to the entire scientific community and to individuals, which makes it topical and important. The scope of the study is to analyse the issue of water, which means that, on the one hand, we will investigate the national regulatory framework but also comparative law to know how the legislator relates to water and, on the other hand, we will capture the current international trends in this field. By using research methods specific to law, we will underline the conclusion of our paperwork, that the protection of water resources is the responsibility of all of us: individuals, authorities, states, taking into consideration present and future generations. Keywords: public authorities; water; public good; Administrative Code; case-law.

The Responsibility of a Sea Freight Transport Management Services Company for Damage to Goods in a Third-Party Logistics Agreement

<p class="TableParagraph"><em>This research aims to analyze the limits and forms of accountability carried out by Freight Forwarding companies which are based on TPL agreements. This research is normative legal research with a conceptual, case and statutory approach. The research results confirm that Freight Forwarding's liability limits only cover damage and loss of goods resulting from errors and/or negligence from management and logistics management aspects which are direct losses. In connection with losses that are consequential or indirect, responsibility cannot be held. Liability is excluded in the event of force majeure or losses caused by the carrier. The form of accountability that must be given by Freight Forwarding regarding its mistakes is that first Freight Forwarding must be able to prove that it is not guilty according to the principle of presumption of liability. However, if Freight Forwarding cannot prove that it is not at fault then the form of liability that Freight Forwarding must provide is compensation as specified in the TPL agreement.</em></p>

Прогнозування обсягів випуску вугільної продукції у повоєнний період в Україні

The purpose of the study is to adjust the previously developed forecasts of the development of the Ukrainian coal industry, as well as to determine the appropriate volumes of coal production for the energy sector and the country's economy as a whole. Due to the loss of all mines in Luhansk region and some mines in Donetsk region as a result of Russia's full-scale invasion of Ukraine, the forecast scenarios for the development of the coal industry of Ukraine for the period up to 2040 were adjusted. To adjust the forecast scenarios for the development of the coal industry, the software subsystem for forecasting coal production in Ukraine was used in the context of instability of the structure of the country's fuel bases arising from the effect of extraordinary force factors, in particular martial law, temporary occupation of the territory of Ukraine, and the. The software was created to enable a quick assessment of the impact of emergencies situations in the country on production volumes in the coal industry and to take them into account when developing forecasts of fuel supply to the economy and the country's energy balance as a whole. The software is created on the basis of databases detailing professional forecasts of the coal industry development by coal mining facilities, taking into account mining, geological, technological, economic and social features of coal mining enterprises, as well as possible scenarios of their technological re-equipment and optimization of production sites, and allows adjusting such forecasts by changing the expected production status of a mine in the event of force majeure. According to the adjusted scenarios, the volumes of coal production to meet the needs of the thermal power industry, metallurgical industry and other sectors of the economy for the period up to 2040 were determined. Keywords: coal industry, production, coal products, forecast, development, scenarios.

Financial performance of external economic activities of enterprises under force majeure circumstances

The article examines the specifics of ensuring effective financial performance of foreign economic activities of enterprises in the conditions of force majeure and dynamic changes in the business environment. It was determined that in the context of globalization and the instability of the world economic environment, modern enterprises face various challenges and threats, which include systemic economic crises, natural disasters, political and military conflicts, and other force majeure events. The key aspects of the influence of force majeure circumstances on the financial performance of business entities in the foreign economic sphere are considered. The functional strategies of risk management were analyzed and the measures that could be aimed at ensuring the stability of enterprises in crisis situations were determined. The role of financial planning, liquidity management and financial analysis in the conditions of unfavorable business conditions of enterprises is studied. The peculiarities of adaptation of the financial management of enterprises to changes in the external environment are determined, and the criteria of optimal strategies for ensuring the stability and efficiency of the economic activity of enterprises in conditions of force majeure are formulated. The objective need of business entities to provide tools to effectively manage financial performance in conditions of increasing uncertainty and risks on the international market has been proven. The impact of force majeure on international financial markets and their reaction to changes in the economic environment is studied. The impact of crisis situations on the financial aspects of enterprise activity is analyzed. The practical aspect of ensuring the ability of enterprises to successfully adapt their economic activities to force majeure circumstances and ensuring the stability of foreign economic activity is considered. The principles of risk management, which are key elements of a successful strategy and backup planning of enterprises, have been studied, on the basis of which the most effective approaches to managing financial performance in unstable conditions have been determined.

DIGITAL LOGISTICS AS A TOOL FOR IMPROVING THE LEVEL AND QUALITY OF CONSUMER SERVICE

In the modern conditions of the digital economy and many force majeure events, both of an economic and social nature, the issue of providing production with the necessary material and informational resources and their effective use is gaining particular relevance; improvement of operational and strategic management of warehousing, product stocks, and differentiated transport flows, sales activities and customer experience. In order to ensure effective operations, enterprises should organize their activities in such a way as to achieve levelling of risks, minimization of losses and costs associated with the organization of the processes of material and technical support, production of products, transportation, logistic service and sales, as well as to maximize profitability from implementation. First, the above-mentioned tasks can be carried out by increasing the efficiency of the management of logistics activities of enterprises, taking into account the analysis of its components, their interconnection and the presence of an accelerated and uneven process of digitalization. With this in mind, today the problems of implementing digital logistics as a new paradigm of logistics management are being actualized. As a result of the study, it was established that to increase the level and quality of logistics service, it is advisable to implement a “physical” Internet based on the Internet of Things; to automate the processes of product delivery to consumers; use digital crowdsourcing platforms when delivering goods. This will allow obtaining a synergistic (economic, social and environmental) effect by ensuring the automation of logistics processes; significant increase in the level of cooperation between logistics companies; improving the quality of logistics service as a result of reducing delivery times; increase in the level of employment; reducing the load on transport and logistics infrastructure and the level of natural pollution by optimizing transport flows. Keywords: digital economy, digitalization of business processes, digital transformation, digital logistics, customer service, logistics service, information and communication technologies, crowdsourcing platform, efficiency.

BANKRUPTCY RISK ASSESSMENT FOR INSURANCE COMPANIES UNDER UNCERTAINTY

The insurance market is an integral part of the country's financial system and is therefore extremely important for economic development. Any shocks in the insurance market may cause a slowdown in economic growth and development and have a negative impact on the country's financial system. The stability of the insurance market is ensured by the companies operating in it. That is why our analysis focuses on assessing the risk of insurance companies' bankruptcy and analyzing the main factors that affect the situation in the insurance market.This article analyzes the main approaches to assessing the risk of insurance companies depending on the size of the risk premium. A simple dynamic risk assessment model was applied.Our analysis of the literature has shown that general approaches to assessing the risk of insurance company failure depend on the overall situation in the country and the market itself. In countries with more frequent force majeure events, more complex and sophisticated models have been introduced to assess the required amount of risk premium to avoid bankruptcy.The market situation in Ukraine had been stable for a long time, but with the onset of the pandemic, certain problems began to arise. An analysis of one of the leading insurance companies in the market showed that before the war started, it had a bankruptcy risk close to zero. Unfortunately, it should be noted that military actions, which are force majeure circumstances, complicate the quantitative analysis, as Ukrainian companies do not have effective mechanisms to cover this type of risk.It is established that a company cannot arbitrarily determine the amount of risk premium based on its own needs. This value will also be influenced by external macroeconomic factors that will affect not only the overall economic situation but also all participants in the insurance market, including consumers of insurance services.

Juridical analysis of termination of employment due to the Covid-19 Pandemic in the context of Indonesian employment law and citizenship education

The Indonesian government has determined the Covid-19 as a pandemic. This condition forced the government to issue various restrictions, such as working from home and regulations regarding the capacity limit in a room. These restrictions also contributed to the weaknesses that occurred, resulting in many layoffs. It became even more complicated with the stipulation of COVID-19 as a national disaster and the issuance of several laws and regulations, such as Presidential Decree No. 12 of 2020 concerning the Determination of Non-Natural Disasters for the Spread of Corona Virus Disease 2019 (COVID-19) to strengthen the reasons for entrepreneurs declaring the pandemic as a force majeure event. The decline in the economic sector has direct implications for the working community (employees) in the formal and informal sectors. This is due to the decrease in the production produced by the company. In addition, the depletion of the availability of industrial raw materials, the weakening of the Rupiah against the Dollar, the decline in Indonesian tourism visitors, and the fall of the composite stock index have forced employers to lay off their workers. One form of legal protection for workers is legal rules related to the termination of employment. Termination of Employment (PHK) is the termination of employment due to certain reasons which result in the termination of the rights and obligations between the worker/laborer and the business owner (Article 1 number 25 of Law 13/2003). The layoff provisions are further regulated in Articles 150-172 of Law 13/2003). The analysis process is descriptive-analytical to obtain an overview of the forms of legal protection for workers from the shadow of layoffs during the pandemic. It is descriptive because this research not only collects, compiles, and presents the data obtained during the research but also includes the analysis and interpretation of laws and regulations with data related to the problem under study.

S-curve adjustment approaches for a force majeure event: COVID-19 as an example

PurposeAn S-curve is an essential project-management tool. However, it is difficult to adjust S-curve to deal with a force majeure event. The present study develops four valuable adjustment approaches, designed to achieve a compromise between the views of the client and contractor. These can be used to control projects after a force majeure event.Design/methodology/approachThe present study develops four adjustment approaches, which can be used to achieve a compromise between the views of the client and those of the contractor when controlling projects after a force majeure. To determine the S-curves during a force majeure event, two approaches can be selected: BCWS (budgeted cost of scheduled work)-base approach, or BCWP (budgeted cost of work performed)-base approach. To determine the rest of S-curves after a force majeure event, two approaches can be considered: maintaining the original curve of the remaining BCWS, or allocating the original curve of the remaining BCWS. Based on the validation of three empirical cases, drawn from a professional project-management website, this study confirms the feasibility of four proposed empirical approaches and a selection procedure for S-curve adjustment.FindingsThe S-curve-adjustment approaches presented here can be used to deal with cases that are ahead of, on and behind schedule. Using the proposed approaches and selection procedure, contractors can easily revise S-curves and control projects more effectively. To deal with a force majeure event, such as COVID-19, they are strongly advised to adopt the approaches labeled SA-A1 (to adjust the S-curve based on the extension ratio multiplied by the difference in progress during the force majeure) and SA-B1 (to maintain the original curve of the remaining BCWS) for the A/E and E/F curves, respectively.Research limitations/implicationsThe proposed approaches can be used in cases of continuous construction during force majeure events. If construction work is totally suspended during such an event, it will be necessary to fine-tune the proposed approaches.Originality/valuePrevious studies have used case-oriented or mathematical-simulation approaches to forecast S-curves. The present study proposes simple approaches that allow the client and contractor to adjust the S-curve easily after a force majeure event. These approaches can be used to adjust work and project-completion targets within an extended duration. Selecting the right S-curve adjustment approach can help to control the remainder of the project, reducing the possibility of delay claims.

US and European Stock Markets in Response to Exogenous Shocks: Cross-Regional Analysis of Dynamic Networks During the COVID-19 Pandemic

This study aims to analyse the impact of force majeure events or exogenous shocks, characterized by a high level of uncertainty, on the US and European stock market behaviour through cross-regional and inter-industrial comparisons. Based on the sample of 832 largest stock-listed companies publicly traded in both regions, the authors investigate whether specific regional and industrial differences in the stock market reaction to exogenous shocks—as exemplified by the ongoing COVID-19 pandemic—and their recovery paths to be determined. The novelty of the research conducted by the authors is underpinned by the application of a dynamic network analysis method—supported by the exponential random graph modelling—for a data sample of publicly traded companies, encompassing major players and industrial leaders in both regions. Furthermore, the methods are applied quarterly for an identical set of industries in cross-market comparison, within a time span of periods before, during and beyond the exogenous shock. The results reveal significant differences in the reaction of US and European stock markets to exogenous shocks, despite globally integrated financial markets. The connectivity of the largest listed companies on the US market is higher than the European ones. Thus, publicly traded companies in the United States are more likely to be closely connected to their industry peers. As demonstrated by a cross-market comparison of the European and US stock market network configuration, the US network reveals higher probabilities of intra-industrial connections of its market participants. In contrast, the European stock market exhibits fewer connections and a less dense network of market participants in times of uncertainty or exogenous shocks. Except for the European financial industry, which behaves similarly to its US counterpart, the overall interconnectedness of European companies is weaker within the uncertainty-related timespan. The latest could be partially explained by numerous national regulations being implemented at a country level, which are partly deviating from the EU single-market policies. In contrast to a relatively homogeneous setting of the US market, a low level of interconnectedness of publicly traded companies in Europe could be further argued by the application of non-harmonized industrial policies, with the latest being expanded during the ongoing crisis in selected European locations. This difference could also be explained by the absence of a mutual strategy for alleviating the effects of the COVID-19 pandemic in Europe. The obtained results could be valuable for academics, conducting similar thematic research; for portfolio investors, and policymakers in forecasting, reacting and assessing stock market behaviour overall—and at the level of industrial sectors in particular—in response to events characterized as force majeure, exogenous shocks or periods of uncertainty.

Analyzing Cost Risk Indicators for Enhancing Construction Project Delivery Performance

Risk factors are an inherent component of construction projects, and sometimes, it is difficult to completely eliminate these risks without proper management. This research focused on investigating cost-related risk indicators influencing the performance of construction projects in insurgency-affected areas such as Maiduguri. The assessment employed the Relative Importance Index (RII) and Exploratory Factor Analysis (EFA) to gauge the likelihood of these risks. Data was collected via a questionnaire from construction professionals, including clients, consultants, contractors, and subcontractors. The results analyzed through statistical software revealed that key drivers of cost-related risks were safety and environmental factors, physical threats, disasters, force majeure events, and economic risk factors. The top five most probable risks included costs related to insurgency damages, financial limitations due to insurgency, oversights caused by the insurgency, price increases due to attacks, and labour shortages. Conversely, risks related to cash flow issues and project cost estimation errors were less common. The findings suggest that professionals who consider these specific risk factors when devising risk management strategies can enhance the accuracy of their risk assessments and cost projections.

THE IMPACT OF COVID-19 ON CONTRACTUAL OBLIGATIONS IN MALAYSIA

The widespread Covid-19 pandemic has significantly impacted business and commerce across the globe, including Malaysia. As aresult, businesses throughout Malaysia may face the inability to perform their contractual obligations and may seek to determine whether they or their counterparty have any legal basis for the non-performance of those contractual obligations. This research used content analysis by categorizing the same theme and discussing the wording adopted in Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (COVID-19) Act 2020, force majeure clause, and the doctrine of frustration in Malaysia. The Temporary Measures for Reducing the Impact of Coronavirus Disease 2019 (COVID-19) Act 2020 is one of the defenses available to excuse the non-performance of contractual obligations due to Covid-19. However, the Covid-19 act is relatively new, and no precedent has been established to interpret the vague language adopted in the act. It was found that financial hardship can be a ground for non-performance of contractual obligations. Alternatively, contractual parties may invoke the force majeure clause that is provided in a contract. However, the ability to seek relief for force majeure events depends on the precise wording adopted in the clause. In the absence of a force majeure clause, the contractual parties may consider the doctrine of frustration. However, frustration is not a straightforward doctrine to reckon with. This research will provide insight into contractual parties on their rights, remedies, and repercussions if they choose to terminate the contract due to the widespread Covid-19 pandemic.

Methodical approaches and statistical analysis of tourist arrivals to the centers of sightseeing tourism (on the example of Chernivtsi, Ukraine)

The aim of the study is to define methodological approaches and methods of statistical analysis of arrivals to the centers of excursion tourism. In destinations with highly appealing attractions or objects, accurately accounting for the number of tourists visiting them is crucial. In Chernivtsi, such an attraction or object is the former Residence of the Bukovinian Metropolitans, a UNESCO monument. The statistical analysis traces the dynamics of the number of excursion visitors to the former Residence. It identifies the factors that influenced it, including the inclusion of the site in the UNESCO list, Russian aggression since 2014, and the COVID‑19 pandemic. Based on the statistical reporting data analysis of the Historical and Architectural Museum Complex of Chernivtsi National University, three periods of excursion activity from 2000–2021 were identified. The first period (2000–2017) is characterized by rapid growth due to the inclusion of the former Residence in UNESCO. The second period (2017–2019) is a period of stagnation of excursion activity with minor fluctuations. The hypothesis and data analysis confirmed the thesis that the occupation of Crimea by Russia had an impact on the redistribution of tourist flows, particularly during the May holidays, within Ukraine, specifically in Chernivtsi. The third period (2019–2020), characterized by a sharp decline followed by the same dynamic growth (2020–2021), was caused by a force majeure event of global proportions – the COVID‑19 pandemic.

Egypt: Recent Developments in Arbitration

Abstract This Article tackles two main streamlines. Firstly, the legislative updates pertaining to international arbitration within the jurisdiction. These consist in the following: (i) the establishment of a committee to work on a proposal for the amendment of the Egyptian Arbitration Law, within a limited scope of amendments; and (ii) the amendments to Prime Ministerial Decree No. 1062 of 2019 expanding the scope of review of the High Committee for Arbitration and International Disputes, by virtue of Prime Ministerial Decrees No. 2592 of 2020 and No. 3218 of 2022. Secondly, the case law updates where Egyptian courts have addressed various issues proving that the Egyptian judiciary is an arbitration-friendly seat and in alignment with international arbitration trends. Among the cited case law updates, the Egyptian Court of Cassation has expressly cited the IBA Guidelines on Conflicts of Interest in International Arbitration (2014), for the first time ever, when addressing the duty of disclosure of an arbitrator. The Court of Cassation has also set the conditions that require to be fulfilled if an arbitrator abstains from signing the arbitral award and has set definitions for deliberations and dissenting opinions. The Cairo Court of Appeal has considered the arbitrators’ illness of COVID-19 as a force majeure event that interrupts the arbitration proceedings by the force of law and held that WhatsApp instant messaging constitutes a valid means of communication in arbitral proceedings as long as the fundamental principles of arbitration are observed.

Analisis Pada Force Majeure Dalam Akad Murabahah Dan Dampak Implementasi Pada Lembaga Keuangan Syariah

This study aims to determine and analyze the position of force majeure in murabahah contracts and how the implementation of force majeure in murabahah contracts in Sharia Financial Institutions. This study uses normative legal research supported by empirical data. Data collection techniques used by the author is the study of literature documents that are examined from books, literature, journals, and legislation. The conclusion of this research is first, the position of force majeure in the murabahah contract is a necessity to anticipate unwanted and dangerous circumstances, which are beyond the authority of the parties in the murabahah contract. In addition, Islamic law also regulates positions related to force majeure that is known as dharurah, which means damaging or giving harm. Second, the implementation of force majeure in the murabahah contract at the Sharia Financial Institution has already been applied in the contract or agreement by the parties. Force majeure clause becomes a reason not to charge the parties for losses arising from force majeure events that occur. Something that is allowed due to dharurah conditions, must be completed according to the required size restrictions.

What are force majeure events?

What are force majeure events?

New reporting items and recommendations for randomized trials impacted by COVID-19 and force majeure events: a targeted approach.

Appropriate analyses and reporting are essential to the reproducibility and interpretation of clinical trials. However, the coronavirus disease 19 (COVID-19) pandemic and other force majeure events, like the war in Ukraine, have impacted the conduct of clinical trials. The number of clinical trials potentially impacted were estimated from clinicaltrials.gov. To identify reporting items considered vital for assessing the impact of COVID-19, we reviewed 35 randomized phase III trials from three top oncology journals published between July and December 2020. For validation, we reviewed 29 phase III trials published between January and December 2021. Our results show that the number of clinical trials being potentially impacted in cancer, cardiovascular diseases, and diabetes is at least 1,484, 535, and 145, respectively. The magnitude of disruption is most significant in oncology trials. Based on the review of 35 trials, a modified checklist with ten new and four modified items covering pandemic's impact on trial conduct, protocol changes, delays, data capture, analysis and interpretation was developed to ensure comprehensive and transparent reporting. Our validation shows that six out of seven applicable reporting items were reported in less than 21% of the articles. Our recommendations were proposed to improve the reporting of randomized clinical trials impacted by COVID-19 and force majeure events that are broadly applicable to different areas of medical research.