Common use of Competent Authority Agreement or Arrangement Clause in Contracts

Competent Authority Agreement or Arrangement. The Competent Authorities of Austria and the United States shall enter into an agreement or arrangement under the mutual agreement procedure provided for in Article 24 of the Convention which shall: a) establish the procedures for the exchange of information described in paragraph 2 of Article 2 of this Agreement; and b) prescribe rules and procedures as may be necessary to implement this Article.