In accordance with Article 1.2 of Appendix of the Regulation No A/121 on Procedure to issue a Certificate on force majeure and hardship by the Chairman of Mongolian National Chamber of Commerce and Industry(hereinafter “the Chamber”) dated 24 January 2020, a force majeure means the parties are unable to implement their contractual obligation due to the following obstacles which are beyond the reasonable control of parties, unforeseeable circumstances and cannot be predicted, prevent or overcome by scientific and technological achievement.
The procedure for introducing changes to the employment contract is regulated by Article 33.2 of the Labour Code of the Republic of Kazakhstan (hereinafter – the “Labour Code”). Article 33 provides that along with the addendum, the employee should also receive a notice. The employee has the right to inform the employer of his/her consent or otherwise to the transfer within five (5) business days after the receipt of the notice.
The rapid spread of the new COVID-19 virus on the planet makes the government develop measures not only to combat the spread of its manifestations in the sanitary and epidemiological area but also prevent its negative impact on the economic and social aspects in the society.
In addition to the previous review please be informed that on 21 March 2020 was published the Decree of the Republic of Kazakhstan dated 20 March 2020 No.126 «On measures to implement the Decree of the President of the Republic of Kazakhstan dated March 16, 2020 No. 287»
The afore-mentioned global threats as well as the devaluation of the national currency have raised a number of questions for the employers of the Russian Federation that require an immediate response and decisive action.
Coronavirus, global drop in oil prices, devaluation of the national currency have caused a number of questions for the employers of the Republic of Kazakhstan that shall be addressed immediately.
In a view of imposing the state of emergency in the country from 16 March to 15 April 2020 on 17 March 2020 the State Revenue Committee of the Ministry of Finance of the Republic of Kazakhstan announced that the following measures have been taken to support taxpayers for this period.
On 15 March 2020, the President of Kazakhstan (“RK”), K.K. Tokayev, signed a decree introducing state of emergency in Kazakhstan (“SE”) from 16 March to 15 April 2020. The decree is likely to cause contractual defaults, termination of contracts, sanctions, losses and litigation/arbitration in Kazakhstan and possibly abroad.
Due to the current situation with COVID-19, GRATA International is imposing temporary restrictions on overseas business trips for our staff and asking that they work from home.
Moldovan state banking regulators issued only statements instructing financial institutions how to work with clients impacted by COVID-19/coronavirus and avoid contamination but nothing about: how to get ready for potential events of default?