"Force Majeure"?

The inability due to an "Act of God", (State of Disaster) etc, to adhere to the terms and conditions of an agreement.

Contract can become Null and Void as at the date of the declaration.
Example:

A Home Loan with a balance of R1m on March 16 can become null and void as of the day of the declaration should the client be unable thereafter to meet payments. The client can then persue "Force Majeur" options

Subsequently the R1m remains frozen until a closing settlement is negotiated. The capital then remains at R1m untill resolution is reached.

The banks were fully aware of this when they bounced into action with their so called "3 Month Relief Facility"

They rushed into this on the pretense that they were being helpful, to get contracts altered so that clients lose all "Force Majeure" legal rights.

As a SMALL BUSINESS OWNER, without income the last 3 months, I wish to reach to 100,000 suporters and place a strong and reasonable request to the banks using our numbers to be aware of the extent of losses that the State of Disaster has placed on SMALL BUSINESS OWNERS, the backbone of the SA economy.

The 3 month payment relief plan costs the bank absolutely nothing, but the client still is paying the full cost of the extension to the loan period. This is only appropriate to employed persons.

Small Business owners deserve better. Surely the banks should absorbe the knock somehow, considering that their margin is generaly quite high. Buy in from Reserve Bank at around 4% and loan to us at around 12%? and 24%?.

It is only reasonable that the banks together with small businesses negotiate a means to settle on breaking even versus the banks running through the Disaster at full profit at the expense of the Small Business with absolutely no income?

I propose to offer the banks an alternative and fair option to avoid " Force Majeur" :
Small Business owners, qualifying due to complete loss of income during Lockdown pay reduced "Interest Only" payments to the bank over the "Force Majeur" period with an extension of this in months equal to the number of weeks under untradeable lockdown. (Bank cost + 25% handling costs) for the period agreed upon which will assist the small business through the challenges to be getting back on track. This period being calculated on the same basis as the payment extension firstly offered as 3 months for 3 weeks. Once business has recovered, rearrange the capital payments to the contract.
A road like this could keep many Small Businesses afloat and avoid closures and bancrupsies, which will protect further negative economic inpact on the country.

There are a large number of case files from the High Court records that fully support the "Force Majeure" argument.

With 100,000 signatures, small business owners who have become the worst hit during this period, will have the strength as one body to get a reasonable and fair resolution due to "Force Majeure"