Common use of Currencies of Payment Clause in Contracts

Currencies of Payment. 5.3.1 The currencies applicable to the Agreement are Local Currency and Foreign Currency as stated in the Particular Conditions and/ or Appendix 3 (Remuneration and Payment). 5.3.2 If at the date of the Agreement or during the performance of the Services the conditions in the Country are such as may, contrary to the Agreement: (a) prevent or delay the transfer abroad of Local or Foreign Currency payments received by the Consultant in the Country; or (b) restrict the availability or use of Foreign Currency in the Country; or (c) impose taxes or differential rates of exchange for the transfer from abroad of Foreign Currency into the Country by the Consultant for Local Currency expenditure and subsequent re-transfer abroad of Local Currency up to the same amount such as to inhibit the Consultant in the performance of the Services or to result in financial disadvantage to him; then the Client warrants that such circumstances shall be deemed to justify the application of variation Clause 4.5 [changed circumstances] if alternative financial arrangements are not made to the satisfaction of the Consultant.