Common use of Balance of Payments Difficulties Clause in Contracts

Balance of Payments Difficulties. 1. The Parties shall endeavour to avoid the imposition of restrictive measures for balance of payments purposes. 2. A Party in serious balance of payments difficulties, or under imminent threat thereof, may, in accordance with the conditions established under the GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the GATT 1994, adopt trade restrictive measures, which shall be of limited duration and non-discriminatory, and may not go beyond what is necessary to remedy the balance of payments situation. Preference shall be given to price-based measures which shall be progressively relaxed as balance of payments conditions improve and eliminated when conditions no longer justify their maintenance. The EFTA State or Jordan, as the case may be, shall inform the other Parties and the Joint Committee forthwith, if possible, prior to their introduction and shall provide a time schedule for their removal. The Joint Committee shall, upon the request of any other Party, examine the need for maintaining the measures taken.

Balance of Payments Difficulties. 1. The Parties shall endeavour to avoid the imposition of restrictive measures for balance of payments purposes. 2. A Party in serious balance of payments difficulties, or under imminent threat thereof, may, in accordance with the conditions established under the GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the GATT 1994thereof, adopt trade restrictive measures, which shall be of limited duration and non-discriminatory, and may not go beyond what is necessary to remedy the balance of payments situation. Preference shall be given to price-based measures which shall be progressively relaxed as balance of payments conditions improve and eliminated when conditions no longer justify their maintenance. The EFTA State or Jordan, as the case may be, Party introducing restrictive measures shall inform the other Parties and the Joint Committee forthwith, if possible, preferably prior to their introduction and shall as soon as possible provide a time schedule for their removal. The Joint Committee shall, upon the request of any other Party, examine the need for maintaining the measures taken.