Common use of Measures to Safeguard Balance of Payments Clause in Contracts

Measures to Safeguard Balance of Payments. 1. In the event of serious balance of payment and external financial difficulties or threat thereof, a Member State may adopt or maintain restrictions on investments on which it has undertaken commitments provided for in Articles 15, 17, 19 and 20, including on payments or transfers for transactions related to such commitments. 2. Where measures to safeguard balance of payments are taken pursuant to this Article, notice of such measures shall be given to the CCIA Committee within 14 days from the date such measures are taken. 3. The measures referred to in paragraph 1: (a) shall not discriminate among Member States; (b) shall be consistent with Article VIII of the Agreement of the International Monetary Fund; (c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member State; (d) shall not exceed those necessary to deal with the circumstances described in paragraph 1; and (e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves. 4. A Member State adopting the balance of payment measures shall commence consultations with Member States through the CCIA Committee within 90 days from the date of notification in order to review the balance of payment measures adopted by it. 5. The CCIA Committee shall determine the rules applicable to the procedures under this Article.

Measures to Safeguard Balance of Payments. 1. In the event of serious balance of payment and external financial difficulties or threat thereof, a Member State may adopt or maintain restrictions on investments on which it has undertaken commitments provided for in Articles 15, 17, 19 and 20, including on payments or transfers for transactions related to such commitments. 2. Where measures to safeguard balance of payments are taken pursuant to this Article, notice of such measures shall be given to the CCIA Committee within 14 days from the date such measures are taken. 3. The measures referred to in paragraph 11 shall: (a) shall not discriminate among Member States; (b) shall be consistent with Article VIII of the Agreement of the International Monetary Fund; (c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member State; (d) shall not exceed those necessary to deal with the circumstances described in paragraph 1; and (e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves. 4. A Member State adopting the balance of payment measures shall commence consultations with Member States through the CCIA Committee within 90 days from the date of notification in order to review the balance of payment measures adopted by it. 5. The CCIA Committee shall determine the rules applicable to the procedures under this Article.

Measures to Safeguard Balance of Payments. 1. In the event of serious balance of payment and external financial difficulties or threat thereof, a Member State may adopt or maintain restrictions on investments on which it has undertaken commitments provided for in Articles 1516, 1718, 19 20 and 2021, including on payments or transfers for transactions related to such commitments. 2. Where measures to safeguard balance of payments are taken pursuant to this Article, notice of such measures shall be given to the CCIA Committee within 14 days from the date such measures are taken. 3. The measures referred to in paragraph (1:): (a) shall not discriminate among Member States; (b) shall be consistent with Article VIII of the Agreement of the International Monetary Fund; (c) shall avoid unnecessary damage to the commercial, economic and financial interests of any other Member State; (d) shall not exceed those necessary to deal with the circumstances described in paragraph 1; and (e) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves. 4. A Member State adopting the balance of payment measures shall commence consultations with Member States through the [CCIA Committee Committee] within 90 days from the date of notification in order to review the balance of payment measures adopted by it. 5. The [CCIA Committee Committee] shall determine the rules applicable to the procedures under this Article.]