Common use of Blocked Countries Clause in Contracts

Blocked Countries. If by reason of law a Party (“Paying Party”) is unable to convert to U.S. Dollars a portion of the amount due by it under this Agreement, then such Party shall notify the other Party in writing and the other Party shall have the right to receive such portion. Upon written request from the other Party, the Paying Party shall pay to the other Party such portion, in the currency of any other country designated by the other Party and legally available to the Paying Party.

Blocked Countries. If by reason of law a Party (“Paying Party”) is unable to convert to EURO or U.S. Dollars a portion of the amount due by it under this Agreement, then such Party shall notify the other Party in writing and the other Party shall have the right to receive such portion. Upon written request from the other Party, the Paying Party shall pay to the other Party such portion, in the currency of any other country designated by the other Party and legally available to the Paying Party.