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

Measures to Safeguard the Balance of Payments. 1. Where a Party is in serious balance-of-payments and external financial difficulties or threat thereof, it may adopt or maintain restrictive measures with regard to payments and transfers. 2. Restrictions adopted»or maintained under paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves; and (e) be applied on a non-discriminatory basis. 3. In determining the incidence of such restrictions, the Parties may give priority to economic sectors which are more essential to their economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 4. Any restrictions adopted or maintained by a Party under paragraph 1, or any changes therein, shall be promptly notified to the other Party. 5. The Party adopting or maintaining any restrictions under paragraph 1 shall promptly commence consultations with the other Party in order to review the measures adopted or maintained by it.

Measures to Safeguard the Balance of Payments. 1. Where a Party is in serious balance-of-payments and external financial difficulties or threat thereof, it may adopt or maintain restrictive measures with regard to payments and transfers. 2. Restrictions adopted»or adopted or maintained under paragraph 1 shall: (a) be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances described in paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves; and (e) be applied on a non-discriminatory basis. 3. In determining the incidence of such restrictions, the Parties may give priority to economic sectors which are more essential to their economic development. However, such restrictions shall not be adopted or maintained for the purpose of protecting a particular sector. 4. Any restrictions adopted or maintained by a Party under paragraph 1, or any changes therein, shall be promptly notified to the other Party. 5. The Party adopting or maintaining any restrictions under paragraph 1 shall promptly commence consultations with the other Party in order to review the measures adopted or maintained by it.

Measures to Safeguard the Balance of Payments. 1. Where If a Party is in experiences or threatens serious balance-of-external balance of payments and external financial difficulties or threat thereofdifficulties, it may adopt or maintain restrictive measures with regard to in respect of payments and transfers. 2. Restrictions adopted»or Restrictive measures taken or maintained under paragraph 1 shall: (a) be consistent applied on a non-discriminatory basis; (b) be applied in accordance with the Articles of Agreement (or Agreement) of the International Monetary Fund; (bc) avoid unnecessary damage to unnecessarily injuring the commercial, economic and financial interests of the other Party; (cd) not to exceed those what is necessary to deal with meet the circumstances described referred to in paragraph 1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 improves; and (e) be applied on a non-discriminatory basistemporary and phase out as the situation referred to in paragraph 1 improves. 3. In determining the incidence impact of such restrictions, the Parties may give priority to those economic sectors which are more essential to most necessary for their economic development. However, but such restrictions shall not be adopted or maintained for the purpose of protecting in order to protect a particular sector. 4. Any restrictions adopted Restrictive measures taken or maintained by a Party under paragraph 1, 1 or any changes therein, shall modifications thereto may be promptly notified to the other Party. 5. The A Party adopting which applies or maintaining maintains any restrictions under restrictive measure in accordance with paragraph 1 shall promptly commence consultations consult with the other Party in order to review the measures restrictions adopted or maintained by itthe other Party.