Common use of BALANCE OF PAYMENT EXCEPTION Clause in Contracts

BALANCE OF PAYMENT EXCEPTION. 1. Where a Party is in serious balance of payments and external financial difficulties or threat thereof, it may, in accordance with GATT 1994 and the Understanding on the Balance-of-Payments Provisions of GATT 1994, adopt restrictive import measures. The relevant provisions of GATT 1994 and the Understanding on the Balance-of-Payments Provisions of GATT 1994 are hereby incorporated into and made part of the Agreement.

BALANCE OF PAYMENT EXCEPTION. 1. Where a Party is in serious balance of payments and external financial difficulties or threat thereof, it may, in accordance with GATT 1994 and the Understanding on the Balance-of-Payments Provisions of GATT 1994, adopt restrictive import measures. The relevant provisions of GATT 1994 and the Understanding on the Balance-of-Payments Provisions of GATT 1994 are hereby incorporated into and made part of the Agreement. 2. The Party introducing a measure under this Article shall promptly notify the other Party.

BALANCE OF PAYMENT EXCEPTION. 1. Where a Party is in serious balance of payments and external financial difficulties or threat thereof, it may, in accordance with GATT 1994 and the Understanding on the Balance-Balance- of-Payments Provisions of GATT 1994, adopt restrictive import measures. The relevant provisions of GATT 1994 and the Understanding on the Balance-of-Payments Provisions of GATT 1994 are hereby incorporated into and made part of the Agreement.