Position
of AIBEST, BESCO, BVCA, Endeavor Bulgaria and Move.bg
regarding the proposal of Ms. Korneliya Ninova, Deputy Prime Minister of the Republic of Bulgaria, to declare force majeure in the country.
The Association for Innovation, Business Services and Technology (AIBEST), BESCO, Endeavor Bulgaria, the Bulgarian Private Equity and Venture Capital Association (BVCA), and Move.bg express their deep concern regarding the proposal by Ms. Ninova, Deputy Prime Minister of the Republic of Bulgaria, to declare force majeure in the country.
We believe that such an unprecedented and in no way justified step, which calls into question fundamental contractual relations between business partners, would have catastrophic consequences for our economy on an unpredictable scale.
Declaring force majeure would, in practice, allow parties to a contract not to fulfill their obligations. The chaos that such a step could cause would affect all economic actors in the country and would have repercussions beyond its borders.
We consider it dangerous even to introduce such proposals into the public space. Nothing in the current situation warrants such actions. The war in Ukraine does indeed severely affect many companies, disrupt supply chains, and fuel rising prices of key materials. However, there are numerous other mechanisms through which the state, if it chooses, could intervene and support businesses.
It is common practice for contracts between companies to include force majeure clauses that can be activated when necessary, without resorting to decisions with highly questionable legal justification.
Last but not least, we would once again like to call on policymakers to consult in advance with their partners in the business community on decisions that have direct consequences for all of us.
Ill-considered proposals, even when they remain only on paper, can create unnecessary concern in an already complex situation and divert valuable energy that could be directed elsewhere.
We call on institutions to act with reason and responsibility.
Sincerely,
Association for Innovation, Business Services and Technology (AIBEST)
Bulgarian Startup Association (BESCO)
Endeavor Bulgaria
Bulgarian Private Equity and Venture Capital Association (BVCA)
Move.bg Foundation
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