Common use of Advance Rulings Clause in Contracts

Advance Rulings. 1. The Parties shall adopt or maintain procedures for the issuance of advance rulings on the following matters: (a) tariff classification; (b) execution of the rules of origin; and (c) such other matters as the Parties may agree. 2. Procedures for the issuance of these advance rulings shall include at least: . (a) a maximum term of 120 days for issuance or such shorter period as may be established by a Party, starting from the date on which all the requirements by the competent authority are met; (b) conditions for their validation, revocation, and publication; and (c) sanctions 3. Upon written request of importers, exporters, or producers, each Party shall issue, through its customs administration or competent authority, written advance rulings on customs matters, in particular on tariff classification and rules of origin, in accordance with the legislation of each Party. 4. Detailed procedures, and in particular deadlines, for the issuance, use, and revocation of advance rulings shall be set out in the legislation of each Party. 5. Peru shall fully implement the obligations under paragraph 1 from January 1, 2012.