Common use of Balance of Payments Clause in Contracts

Balance of Payments. 1. Nothing in this Agreement shall be construed to prevent a Party from adopting or maintaining measures that restrict transfers where the Party experiences serious balance of payments difficulties, or the threat thereof, and such restrictions are consistent with this Article. 2. As soon as practicable after a Party imposes a measure under this Article, the Party shall: (a) submit any current account exchange restrictions to the International Monetary Fund (IMF) for review under Article VIII of the Articles of Agreement of the IMF; (b) enter into good faith consultations with the IMF on economic adjustment measures to address the fundamental underlying economic problems causing the difficulties; and (c) adopt or maintain economic policies consistent with such consultations. 3. A measure adopted or maintained under this Article shall: (a) avoid unnecessary damage to the commercial, economic or financial interests of the other Party; (b) not be more burdensome than necessary to deal with the balance of payments difficulties or threat thereof, (c) be temporary and be phased out progressively as the balance of payments situation improves; (d) be consistent with paragraph 2(c) and with the Articles of Agreement of the IMF; and (e) be applied on a national treatment or most-favoured-nation treatment basis, whichever is better. 4. A Party may adopt or maintain a measure under this Article that gives priority to services that are essential to its economic program, provided that a Party may not impose a measure for the purpose of protecting a specific industry or sector unless the measure is consistent with paragraph 2(c) and with Article VII(3) of the Articles of Agreement of the IMF. 5. Restrictions imposed on transfers: (a) where imposed on payments for current international transactions, shall be consistent with Article VIII(3) of the Articles of Agreement of the IMF; (b) where imposed on international capital transactions, shall be consistent with Article VI of the Articles of Agreement of the IMF and be imposed only in conjunction with measures imposed on current international transactions under paragraph 2(a); (c) where imposed on transfers covered by Article IX of the Agreement Between the Government of the Republic of Costa Rica and the Government of Canada for the Promotion and Protection of Investments, signed in San Xxxx on March 18, 1998, shall be consistent with Annex I, Section V of that Agreement; (d) where imposed on transfers related to trade in goods, may not substantially impede transfers from being made in a freely usable currency at a market rate of exchange; and (e) may not take the form of tariff surcharges, quotas, licences or similar measures.

Balance of Payments. 1. Nothing in this Agreement shall be construed to prevent a Party from adopting or maintaining measures that restrict transfers where the Party experiences serious balance of payments difficulties, or the threat thereof, and such restrictions are consistent with this Article. 2. As soon as practicable after a Party imposes a measure under this Article, the Party shall: (a) submit any current account exchange restrictions to the International Monetary Fund (IMF) for review under Article VIII of the Articles of Agreement of the IMF; (b) enter into good faith consultations with the IMF on economic adjustment measures to address the fundamental underlying economic problems causing the difficulties; and (c) adopt or maintain economic policies consistent with such consultations. 3. A measure adopted or maintained under this Article shall: (a) avoid unnecessary damage to the commercial, economic or financial interests of the other Party; (b) not be more burdensome than necessary to deal with the balance of payments difficulties or threat thereof,; (c) be temporary and be phased out progressively as the balance of payments situation improves; (d) be consistent with paragraph 2(c) and with the Articles of Agreement of the IMF; and (e) be applied on a national treatment or most-favoured-nation treatment basis, whichever is better. 4. A Party may adopt or maintain a measure under this Article that gives priority to services that are essential to its economic program, provided that a Party may not impose a measure for the purpose of protecting a specific industry or sector unless the measure is consistent with paragraph 2(c) and with Article VII(3VIII(3) of the Articles of Agreement of the IMF. 5. Restrictions imposed on transfers: (a) where imposed on payments for current international transactions, shall be consistent with Article VIII(3) of the Articles of Agreement of the IMF; (b) where imposed on international capital transactions, shall be consistent with Article VI of the Articles of Agreement of the IMF and be imposed only in conjunction with measures imposed on current international transactions under paragraph 2(a); (c) where imposed on transfers covered by Article IX of the Agreement Between the Government of the Republic of Costa Rica and the Government of Canada for the Promotion and Protection of Investments, signed in San Xxxx on March 18, 1998, shall be consistent with Annex I, Section V of that Agreement; (d) where imposed on transfers related to trade in goods, may not substantially impede transfers from being made in a freely usable currency at a market rate of exchange; and (e) may not take the form of tariff surcharges, quotas, licences or similar measures.

Balance of Payments. 1. Nothing No provision in this Agreement shall be construed interpreted to prevent a Party from adopting or maintaining measures that restrict transfers where when the Party experiences faces serious difficulties in or threats to its balance of payments difficultiespayments, or provided that the threat thereof, and such restrictions are consistent compatible with this Article. 2. The Party shall notify the other Party within thirty (30) days after the adoption of a measure in accordance with paragraph 1. In the event that all Parties become party to the Articles of Agreement of the International Monetary Fund, the procedure of paragraph 3 should be followed. 3. As soon as practicable it is feasible, after a Party imposes applies a measure under according to this ArticleArticle and its international obligations, the Party shall: : (a) submit any all restrictions to current account exchange restrictions to the International Monetary Fund (IMF) transactions for review under by the Fund according to Article VIII of the Articles of the Agreement of the IMF; International Monetary Fund; (b) enter into good faith initiate consultations with the IMF on Fund with respect to the measures of economic adjustment measures geared to address the fundamental underlying economic problems causing the difficulties; and and (c) adopt or maintain economic policies consistent with according to such consultations. 34. A measure The measures adopted or maintained under this Article shall: : (a) avoid unnecessary damage to the commercial, economic or economic, and financial interests of the other Party; ; (b) not be more burdensome than necessary to deal with the balance of payments difficulties difficulties, or threat thereof, ; (c) be temporary and be phased out progressively as the balance of payments situation improves; ; (d) be consistent with those of paragraph 2(c) and 3 (c), as well as with the Articles of Agreement of the IMFInternational Monetary Fund; and and (e) be applied on a national treatment or most-favoured-favored- nation treatment basis, whichever is better. 4. 5. A Party may adopt or maintain a measure under this Article that gives priority to services that are essential to its economic program, provided that a Party may not impose a measure for the purpose purposes of protecting a specific industry or sector sector, unless the measure is consistent with paragraph 2(c) 3 (c), and with Article VII(3VIII (3) of the Articles of Agreement of the IMFInternational Monetary Fund. 5. Restrictions imposed on transfers: (a) where imposed on payments for current international transactions, shall be consistent with Article VIII(3) of the Articles of Agreement of the IMF; (b) where imposed on international capital transactions, shall be consistent with Article VI of the Articles of Agreement of the IMF and be imposed only in conjunction with measures imposed on current international transactions under paragraph 2(a); (c) where imposed on transfers covered by Article IX of the Agreement Between the Government of the Republic of Costa Rica and the Government of Canada for the Promotion and Protection of Investments, signed in San Xxxx on March 18, 1998, shall be consistent with Annex I, Section V of that Agreement; (d) where imposed on transfers related to trade in goods, may not substantially impede transfers from being made in a freely usable currency at a market rate of exchange; and (e) may not take the form of tariff surcharges, quotas, licences or similar measures.

Balance of Payments. 1. Nothing in this Agreement shall be construed to prevent a Party from adopting or maintaining measures that restrict transfers where the Party experiences serious balance of payments difficulties, or the threat thereof, and such restrictions are consistent with this Article. 2. As soon as practicable after a Party imposes a measure under this Article, the Party shall: (a) submit any current account exchange restrictions to the International Monetary Fund (IMF) IMF for review under Article VIII of the Articles of Agreement of the IMF; (b) enter into good faith consultations with the IMF on economic adjustment measures to address the fundamental underlying economic problems causing the difficulties; and (c) adopt or maintain economic policies consistent with such consultations. 3. A measure adopted or maintained under this Article shall: (a) avoid unnecessary damage to the commercial, economic or financial interests of the other Party; (b) not be more burdensome than necessary to deal with the balance of payments difficulties or threat thereof,; (c) be temporary and be phased out progressively as the balance of payments situation improves; (d) be consistent with paragraph 2(c) and with the Articles of Agreement of the IMF; and (e) be applied on a national treatment or most-favoured-nation treatment basis, whichever is better. 4. A Party may adopt or maintain a measure under this Article that gives priority to services that are essential to its economic programprogramme, provided that a Party may not impose a measure for the purpose of protecting a specific industry or sector unless the measure is consistent with paragraph 2(c) and with Article VII(3VIII(3) of the Articles of Agreement of the IMF. 5. Restrictions imposed on transfers: (a) where imposed on payments for current international transactions, shall be consistent with Article VIII(3) of the Articles of Agreement of the IMF; (b) where imposed on international capital transactions, shall be consistent with Article VI of the Articles of Agreement of the IMF and be imposed only in conjunction with measures imposed on current international transactions under paragraph 2(a); (c) where imposed on transfers covered by Article IX of the Agreement Between the Government of the Republic of Costa Rica 9-10 (Transfers) and the Government of Canada for the Promotion and Protection of Investments, signed in San Xxxx on March 18, 1998, shall be consistent with Annex I, Section V of that Agreement; (d) where imposed on transfers related to trade in goods, may not substantially impede transfers from being made in a freely usable currency at a market rate of exchange; and (ed) may not take the form of tariff surcharges, quotas, licences or similar measures.

Balance of Payments. 1. Nothing in this Agreement shall be construed to prevent a Party from adopting or maintaining measures that restrict international transactions or related international transfers and payments ("transfers") where the Party experiences serious balance of payments difficulties, or the threat thereof, and such restrictions are are: (a) consistent with paragraphs 4 through 8 when imposed on cross-border trade in financial services; or (b) consistent with paragraphs 2 through 6 when imposed on any other transaction or transfer. 2. Restrictions imposed on transactions or transfers other than cross-border trade in financial services shall: (a) when imposed on payments for current international transactions, be consistent with Article VIII(3) of the Articles of Agreement of the International Monetary Fund ("IMF"); (b) when imposed on international capital transactions, be consistent with Article VI of the Articles of Agreement of the IMF and imposed only in conjunction with measures imposed on current international transactions under paragraphs 2(a) and 4(a); and (c) when imposed on transfers covered by Article 1109 (Investment - Transfers) and transfers related to trade in goods, be made in a freely usable currency at a market rate of exchange such that the payments and transfers are not substantially impeded. 3. No Party may adopt or maintain measures such as tariff surcharges, quotas or licenses under this Article. 24. As soon as practicable after imposing a Party imposes a measure restriction under this Article, the Party imposing the restriction shall: (a) submit any current account exchange restrictions to the International Monetary Fund (IMF) IMF for review under Article VIII of the Articles of Agreement of the IMF;; and (b) enter into good faith consultations with the IMF on economic adjustment measures to address the fundamental underlying economic problems causing the difficulties; and (c) adopt or maintain economic policies consistent with difficulties and receive endorsement of such consultationsmeasures by the IMF. 35. A Each Party shall ensure that any measure adopted that it adopts or maintained maintains under this Article shall: (a) avoid unnecessary damage to the commercial, economic or and financial interests of the other another Party; (b) not be more burdensome than necessary to deal with the balance of payments difficulties or threat thereof,; (c) be temporary and be phased out progressively as the balance of payments situation improves; (d) be consistent with any economic adjustment measures endorsed by the IMF under paragraph 2(c4(b) and consistent with the Articles of Agreement of the IMF; and (e) be applied on a national treatment or and most-favouredfavored-nation treatment basis, whichever is better. 46. A Party may adopt or maintain a measure under this Article that gives priority to services that which are more essential to its economic program, provided that a Party may not impose a that, except as specifically approved under an IMF-endorsed adjustment program in effect under paragraph 4, no such measure is imposed for the purpose of protecting a specific industry or sector unless the measure is consistent with paragraph 2(c) and with Article VII(3) of the Articles of Agreement of the IMFsector. 57. Restrictions imposed A Party imposing a restriction on transferscross-border trade in financial services shall: (a) where imposed not impose more than one measure on payments for current international transactionsany given transaction and its related transfer, shall be consistent with Article VIII(3) of the Articles of Agreement of the except as specifically approved under an IMF-endorsed adjustment program; (b) where imposed on international capital transactions, shall be consistent with Article VI of promptly notify the Articles of Agreement of the IMF and be imposed only in conjunction with measures imposed on current international transactions under paragraph 2(a);other Parties; and (c) where imposed on transfers covered by Article IX consult promptly with the other Parties to assess the balance of payments situation of the Agreement Between Party and the Government measures it has adopted, taking into account among other elements (i) the nature and extent of the Republic balance of Costa Rica payments and external financial difficulties of the Government of Canada for the Promotion and Protection of Investments, signed in San Xxxx on March 18, 1998, shall be consistent with Annex I, Section V of that Agreement;Party, (dii) where imposed on transfers related to trade the external economic and trading environment of the Party, and (iii) alternative corrective measures that may be available. 8. In consultations under paragraph 7(c), the Parties shall: (a) consider if measures adopted under this Article comply with paragraph 5, in goods, may not substantially impede transfers from being made in a freely usable currency at a market rate of exchangeparticular subparagraph 5(c); and (eb) may not take accept all findings of statistical and other facts presented by the form IMF relating to foreign exchange, monetary reserves and balance of tariff surchargespayments, quotas, licences or similar and shall base their conclusions on the assessment by the IMF of the balance of payments and external financial situation of the Party adopting the measures.

Balance of Payments. 1. Nothing No provision in this Agreement shall be construed interpreted to prevent a Party from adopting or maintaining measures that restrict transfers where when the Party experiences faces serious difficulties in or threats to its balance of payments difficultiespayments, or provided that the threat thereof, and such restrictions are consistent compatible with this Article. 2. The Party shall notify the other Party within thirty (30) days after the adoption of a measure in accordance with paragraph 1. In the event that all Parties become party to the Articles of Agreement of the International Monetary Fund, the procedure of paragraph 3 should be followed. 3. As soon as practicable it is feasible, after a Party imposes applies a measure under according to this ArticleArticle and its international obligations, the Party shall: (a) submit any all restrictions to current account exchange restrictions to the International Monetary Fund (IMF) transactions for review under by the Fund according to Article VIII of the Articles of the Agreement of the IMFInternational Monetary Fund; (b) enter into good faith initiate consultations with the IMF on Fund with respect to the measures of economic adjustment measures geared to address the fundamental underlying economic problems causing the difficulties; and (c) adopt or maintain economic policies consistent with according to such consultations. 34. A measure The measures adopted or maintained under this Article shall: (a) avoid unnecessary damage to the commercial, economic or economic, and financial interests of the other Party; (b) not be more burdensome than necessary to deal with the balance of payments difficulties difficulties, or threat thereof,; (c) be temporary and be phased out progressively as the balance of payments situation improves; (d) be consistent with those of paragraph 2(c) and 3 (c), as well as with the Articles of Agreement of the IMFInternational Monetary Fund; and (e) be applied on a national treatment or most-favouredfavored-nation treatment basis, whichever is better. 45. A Party may adopt or maintain a measure under this Article that gives priority to services that are essential to its economic program, provided that a Party may not impose a measure for the purpose purposes of protecting a specific industry or sector sector, unless the measure is consistent with paragraph 2(c) 3 (c), and with Article VII(3VIII (3) of the Articles of Agreement of the IMF. 5. Restrictions imposed on transfers: (a) where imposed on payments for current international transactions, shall be consistent with Article VIII(3) of the Articles of Agreement of the IMF; (b) where imposed on international capital transactions, shall be consistent with Article VI of the Articles of Agreement of the IMF and be imposed only in conjunction with measures imposed on current international transactions under paragraph 2(a); (c) where imposed on transfers covered by Article IX of the Agreement Between the Government of the Republic of Costa Rica and the Government of Canada for the Promotion and Protection of Investments, signed in San Xxxx on March 18, 1998, shall be consistent with Annex I, Section V of that Agreement; (d) where imposed on transfers related to trade in goods, may not substantially impede transfers from being made in a freely usable currency at a market rate of exchange; and (e) may not take the form of tariff surcharges, quotas, licences or similar measures.the