Common use of Balance- Of- Payments Exception Clause in Contracts

Balance- Of- Payments Exception. 1. Where a Party is in serious balance of payments and external financial difficulties or threat thereof, it may, in accordance with Articles XI and XII of GATS adopt or maintain restrictions on trade in services on which it has obligations, including on payments or transfers for transactions related to such commitments. Articles XI and XII of GATS is hereby incorporated into and made part of this Agreement. 2. The Party introducing a measure under this Article shall promptly notify the other Party.

Balance- Of- Payments Exception. 1. Where a Party is in serious balance of payments and external financial difficulties or threat thereof, it may, in accordance with Articles XI and XII of GATS adopt or maintain restrictions on trade in services on which it has obligations, including on payments or transfers for transactions related to such commitments. Articles XI and XII of GATS is hereby incorporated into and made part of this Agreement. 2. The Party introducing a measure under this Article shall promptly notify the other Party. SECTION A – DEFINITIONS