29 March 2022
media coverage
bulgaria
War, force majeure and real estate prices
The Bulgarian Construction Chamber has called on the Council of Ministers of the Republic of Bulgaria to adopt a decree that would recognise the war in Ukraine as a force majeure event and would thus give builders the freedom to increase prices under already concluded contracts.
The main complaint of the Chamber is related to the sharp increase in prices of construction materials as a consequence of the war, which makes the execution of already signed contracts extremely difficult for construction companies. A careful reading of the Chamber's request shows that it is not in fact a case of force majeure but rather of economic intolerance. In this article published on the leading Bulgarian media Capital, Dimitar Vlaevsky analyses how an increase in costs will entitle builders to invoke economic intolerance and demand price increases on already signed contracts.
Read the full article (in Bulgarian) here.
This article was first published in Capital on 29.03.2022
author: Dimitar Vlaevsky
Dimitar
Vlaevsky
Attorney at Law
bulgaria