Vivo Agreement

In Uncategorized 340 views

In 2018, Vivo acquired the IPL title sponsorship for a period of five years, promising to pay nearly 440 kronor per year to the BCCI. The agreement was that the IPL would be held annually in India at the March-May window, which should give sponsors a high return due to the high number of spectators during the summer months. “The Board of Control for Cricket in India (BCCI) and vivo Mobile India Pvt Ltd have decided to suspend their partnership for the Indian Premier League in 2020,” the statement said. Instead, the tournament can be rescheduled and moved outside India, “can be considered a force majeure event,” Kamath added. “The removal of material from timelines and locations due to the pandemic could be considered a force majeure event, as these could be substantial changes to the original intent of the contract. This could have led to the suspension of commitments by mutual agreement.¬†Although unprecedented, a one-year pause can be implemented if it is agreed by mutual agreement between the two parties. However, according to Kamath, the anti-Chinese atmosphere in the country is not a force majeure event. Force majeure allows for the suspension of commitments, allowing the parties to discuss each other`s reduction in loss. But to trigger the clause, it must be impossible and not just uncomfortable for the parties to keep what has been promised. The move comes after BCCI and the IPL Governing Council were criticized for keeping in vivo as a title sponsor at a time when anti-Chinese sentiment is high in India. The government has banned Chinese applications, imposed strict restrictions on Chinese investment and reviewed the partnerships that Indian educational institutions have with Chinese institutions. All this comes amid tensions between the two countries along the effective line of control in Ladakh, where a scrap between the two armies resulted in the deaths of 20 Indian soldiers and an unknown number of Chinese soldiers.

“If both parties agree, they can make changes to a contract, such as a break. B of one year or a one-year suspension,” said sports lawyer Nandan Kamath. ” (But) unlike a government leadership that could ban or ban such businesses, a mere negative public sentiment towards Chinese companies is not in itself a force majeure event. Read | IPL franchises agree on 40-day dubai The board of directors issued a statement on Thursday afternoon confirming that vivo had indeed taken the fold in 2016 – as a short-term sponsor after Pepsi withdrew from its five-year contract due to a betting and spot fixing scandal. Vivo`s first two-year sponsorship was worth 200 quests before the company signed a new contract after the 2018 T20 League, surpassing its next rival Oppo, which had offered 1,432 crowns. Harish Bijoor, brand strategist and founder of Harish Bijoor Consult, said that the release of Vivo, if true, is a smart move. The Indian arm of Chinese smartphone maker Vivo Communication Technology Co. Vivo India will retire as a sponsor of the upcoming Indian Premier League (IPL), as people familiar with the matter told the Board of Control for Cricket in India (BCCI).

No related post!

Top