Common use of Balance of Payment Difficulties Clause in Contracts

Balance of Payment Difficulties. Where one or more Member States of the European Union or a SADC EPA State is in serious balance of payments difficulties or external financial difficulties, or under threat thereof, it may adopt restrictive measures in accordance with the conditions established under the WTO Agreement and the Articles of Agreement of the International Monetary Fund, which shall be of limited duration and may not go beyond what is necessary to remedy the balance of payments situation. The Party having adopted or maintained such measures shall inform the other Party forthwith and shall submit to it as soon as possible a timetable for the elimination of the measures concerned.

Balance of Payment Difficulties. Where one or more Member States of the European Union or a SADC EPA State is in serious balance of payments difficulties or external financial difficulties, or under threat thereof, it may adopt restrictive measures in accordance with the conditions established under the WTO Agreement and the Articles of Agreement of the International Monetary Fund, which shall be of limited duration and may not go beyond what is necessary to remedy the balance of payments situation. The Party having adopted or maintained such measures shall inform the other Party forthwith and shall submit to it as soon as possible a timetable for the elimination of the measures concerned.. CHAPTER IX