“In practice, the parties in the agreement cannot simply stop due to force majeure. As both of their business is at stake, there needs to be a remedy to the situation caused by force majeure. Among many things, one of the known remedies is by restructuring the debt.”
Month: July 2020
“In an attempt to accommodate specific needs of contracting parties, Indonesian law provides multiple methods of dispute resolution to ensure maximum effectivity and welfare.” In Indonesia, the methods of dispute resolution can be divided into two categories based on the forum, which is in or outside the court of justice. Subsequently, throughout this article, the […]
Put merely; the default can be used for when a party to an agreement violated that agreement, while tort can be used when someone broke the law and it caused injury/damages to someone else.
POJK 40/POJK.05/2020; Written Order for Settlement of Problems of Non-Bank Financial Institution