Auto parts companies face late payments April 07, 2020 at 02:03PM

Payments to over 200 component suppliers in the auto industry will be partial and delayed as car makers Renault and Nissan, top two-wheeler seller Hero MotoCorp, and the homegrown Eicher group have decided to go for ‘force majeure’ due to restrictions resulting from the 21-day corona-induced lockdown that has shut factories and retail sales outlets. Force majeure is a term used to describe unforeseeable circumstances that prevent someone from fulfilling a contract.