Common use of Application and Interpretation Clause in Contracts

Application and Interpretation. 1. For the purposes of this Chapter: (a) the basis for tariff classification is the Harmonized System; (b) the determination of transaction value of a good or of a material shall be made in accordance with the Customs Valuation Code; and (c) all costs referred to in this Chapter shall be recorded and maintained in accordance with the Generally Accepted Accounting Principles applicable in the Party in which the good is produced. 2. For the purposes of this Chapter, in applying the Customs Valuation Code to determine the transaction value of a good or a material: (a) the principles of the Customs Valuation Code shall apply to domestic transactions, with such modifications as may be required by the circumstances, as would apply to international transactions; and (b) the provisions of this Chapter shall prevail over the Customs Valuation Code to the extent of any difference.

Application and Interpretation. 1. For the purposes of this Chapter: : (a) the basis for tariff classification is the Harmonized System; ; (b) the determination of transaction value of a good or goodor of a material shall be made in accordance with the Customs Valuation Code; and and (c) all costs referred to in this Chapter shall be recorded berecorded and maintained in accordance with the Generally Accepted Accounting Principles applicable Principlesapplicable in the Party in which the good is producedisproduced. 2. For the purposes of this Chapter, in applying the Customs theCustoms Valuation Code to determine the transaction value of a good or a material: : (a) the principles of the Customs Valuation Code shall Codeshall apply to domestic transactions, with such modifications suchmodifications as may be required by the circumstancesthecircumstances, as would apply to international transactionsinternationaltransactions; and and (b) the provisions of this Chapter shall prevail over the overthe Customs Valuation Code to the extent of any differenceanydifference.

Application and Interpretation. 1. For the purposes of this Chapter: (a) the basis for tariff classification is the Harmonized System; (b) the determination of transaction value of a good or of a material shall be made in accordance with the principles of the Customs Valuation Code; and (c) all costs referred to in this Chapter shall be recorded and maintained in accordance with the Generally Accepted Accounting Principles generally accepted accounting principles applicable in the territory of the Party in which the good is produced. 2. For the purposes of this Chapter, in applying the Customs Valuation Code to t o determine the transaction value origin of a good or a materialgood: (a) the principles of the Customs Valuation Code shall apply to domestic transactions, with such modifications as may be required by the circumstances, as would apply to international transactions; and (b) the provisions of this Chapter shall prevail over the Customs Valuation Code to the extent of any difference.