Common use of Balance of Payments Difficulties Clause in Contracts

Balance of Payments Difficulties. Where an EFTA State or Serbia is in serious balance of payments difficulties, or under threat thereof, the EFTA State concerned or Serbia, respectively, may, in conformity with the conditions laid down within the framework of the GATT and in Articles VIII and XIV of the Statutes of the International Monetary Fund, take restrictive measures with regard to current payments if such measures are strictly necessary. The EFTA State concerned or Serbia, as the case may be, shall inform the other Parties immediately of such measures and shall provide as soon as possible a timetable for their removal.

Balance of Payments Difficulties. Where an EFTA State or Serbia is in serious balance of payments difficulties, or under threat thereof, the EFTA State concerned or Serbia, respectively, may, in conformity with the conditions laid down within the framework of the GATT and in Articles VIII VII and XIV of the Statutes of the International Monetary Fund, take restrictive measures with regard to current payments if such measures are strictly necessary. The EFTA State concerned or Serbia, as the case may be, shall inform the other Parties immediately of such measures and shall provide as soon as possible a timetable for their removal.