Common use of General Safeguards Clause in Contracts

General Safeguards. 1. The Parties confirm their rights to take a safeguard measure in accordance with Article XIX of GATT and the WTO Agreement on Safeguard Measures under conditions laid down in the Joint Declaration referring to this Article. 2. Notwithstanding paragraph 1, where as a result of the obligations incurred by a Party under this Agreement any product is being imported in such increased quantities and under such conditions from a Party to this Agreement as to cause or threaten to cause: a. serious injury to domestic producers of like or directly competitive products in the territory of the importing Party, or b. serious disturbances in any sector of the economy which could bring about serious deterioration in the economic situation of the importing Party, the importing Party may take appropriate bilateral safeguard measures against the other Party to this Agreement under the conditions and in accordance with the relevant procedures laid down in Article 24.

General Safeguards. 1. The Parties confirm their rights to take a safeguard measure in accordance with Article XIX of GATT and the WTO Agreement on Safeguard Measures under conditions laid down in the Joint Declaration referring to this Article. 2. Notwithstanding paragraph 1, where as a result of the obligations incurred by a Party under this Agreement any product is being imported in such increased quantities and under such conditions from a Party to this Agreement as to cause or threaten to cause: a. serious injury to domestic producers of like or directly competitive products in the territory of the importing Party, or b. serious disturbances in any sector of the economy which could bring about serious deterioration in the economic situation of the importing Party, the The importing Party may take appropriate bilateral safeguard measures against the other Party to this Agreement under the conditions and in accordance with the relevant procedures laid down in Article 24.