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Common use of Modification of Schedules Clause in Contracts

Modification of Schedules. 1. A Party (referred to in this Article as the “modifying Party”) may modify or withdraw any commitment in its Schedule in Annex III at any time after three years have elapsed from the date on which that commitment entered into force, provided that: (a) it notifies the other Party (referred to in this Article as the “affected Party”) of its intention to modify or withdraw a commitment no later than three months before the intended date of implementation of the modification or withdrawal; and (b) upon notification of a Party’s intent to make such modification, the Parties shall consult and attempt to reach agreement on the appropriate compensatory adjustment. 2. In achieving a compensatory adjustment, the Parties shall endeavour to maintain a general level of mutually advantageous commitment that is not less favourable to trade than provided for in the Schedules prior to such negotiations. 3. If agreement under paragraph 1(b) is not reached between the modifying Party and the affected Party within three months, the affected Party may refer the matter to an arbitral tribunal in accordance with the procedures set out in Chapter 15 (Dispute Settlement) or, where agreed between the Parties, to an alternative arbitration procedure. 4. The modifying Party may not modify or withdraw its commitment until it has made the compensatory adjustments in conformity with the findings of the arbitral tribunal in accordance with paragraph 3. 5. If the modifying Party implements its proposed modification or withdrawal and does not comply with the findings of the arbitral tribunal, the affected Party may modify or withdraw substantially equivalent benefits in conformity with the findings of the arbitral tribunal.

Appears in 3 contracts

Samples: Free Trade Agreement, Free Trade Agreement, Free Trade Agreement

Modification of Schedules. 1. A Party (referred to in this Article as the "modifying Party") may modify or withdraw any commitment in its Schedule in Annex III at any time after three years have elapsed from the date on which that commitment entered into force, provided that: (a) it notifies the other Party (referred to in this Article as the "affected Party") of its intention to modify or withdraw a commitment no later than three months before the intended date of implementation of the modification or withdrawal; and (b) upon notification of a Party’s 's intent to make such modification, the Parties shall consult and attempt to reach agreement on the appropriate compensatory adjustment. 2. In achieving a compensatory adjustment, the Parties shall endeavour to maintain a general level of mutually advantageous commitment that is not less favourable to trade than provided for in the Schedules prior to such negotiations. 3. If agreement under paragraph 1(b) is not reached between the modifying Party and the affected Party within three months, the affected Party may refer the matter to an arbitral tribunal in accordance with the procedures set out in Chapter 15 (Dispute Settlement) or, where agreed between the Parties, to an alternative arbitration procedure. 4. The modifying Party may not modify or withdraw its commitment until it has made the compensatory adjustments in conformity with the findings of the arbitral tribunal in accordance with paragraph 3. 5. If the modifying Party implements its proposed modification or withdrawal and does not comply with the findings of the arbitral tribunal, the affected Party may modify or withdraw substantially equivalent benefits in conformity with the findings of the arbitral tribunal.

Appears in 2 contracts

Samples: Free Trade Agreement, Free Trade Agreement

Modification of Schedules. 1. A Party (referred to in this Article as the “modifying Party”) may modify or withdraw any commitment in its Schedule in Annex III Xxxxx XXX at any time after three years have elapsed from the date on which that commitment entered into force, provided that: (a) it notifies the other Party (referred to in this Article as the “affected Party”) of its intention to modify or withdraw a commitment no later than three months before the intended date of implementation of the modification or withdrawal; and (b) upon notification of a Party’s intent to make such modification, the Parties shall consult and attempt to reach agreement on the appropriate compensatory adjustment. 2. In achieving a compensatory adjustment, the Parties shall endeavour to maintain a general level of mutually advantageous commitment that is not less favourable to trade than provided for in the Schedules prior to such negotiations. 3. If agreement under paragraph 1(b) is not reached between the modifying Party and the affected Party within three months, the affected Party may refer the matter to an arbitral tribunal in accordance with the procedures set out in Chapter 15 (Dispute Settlement) or, where agreed between the Parties, to an alternative arbitration procedure. 4. The modifying Party may not modify or withdraw its commitment until it has made the compensatory adjustments in conformity with the findings of the arbitral tribunal in accordance with paragraph 3. 5. If the modifying Party implements its proposed modification or withdrawal and does not comply with the findings of the arbitral tribunal, the affected Party may modify or withdraw substantially equivalent benefits in conformity with the findings of the arbitral tribunal.

Appears in 1 contract

Samples: Free Trade Agreement

Modification of Schedules. 1. A Party (referred to in this Article as the "modifying Party") may modify or withdraw any commitment in its Schedule in Annex III Xxxxx XXX at any time after three years have elapsed from the date on which that commitment entered into force, provided that: (a) it notifies the other Party (referred to in this Article as the "affected Party") of its intention to modify or withdraw a commitment no later than three months before the intended date of implementation of the modification or withdrawal; and (b) upon notification of a Party’s 's intent to make such modification, the Parties shall consult and attempt to reach agreement on the appropriate compensatory adjustment. 2. In achieving a compensatory adjustment, the Parties shall endeavour to maintain a general level of mutually advantageous commitment that is not less favourable to trade than provided for in the Schedules prior to such negotiations. 3. If agreement under paragraph 1(b) is not reached between the modifying Party and the affected Party within three months, the affected Party may refer the matter to an arbitral tribunal in accordance with the procedures set out in Chapter 15 (Dispute Settlement) or, where agreed between the Parties, to an alternative arbitration procedure. 4. The modifying Party may not modify or withdraw its commitment until it has made the compensatory adjustments in conformity with the findings of the arbitral tribunal in accordance with paragraph 3. 5. If the modifying Party implements its proposed modification or withdrawal and does not comply with the findings of the arbitral tribunal, the affected Party may modify or withdraw substantially equivalent benefits in conformity with the findings of the arbitral tribunal.

Appears in 1 contract

Samples: Free Trade Agreement

Modification of Schedules. 1. A Party may modify or withdraw any commitment in its Schedule (referred to in this Article as the “modifying Party”) may modify or withdraw any commitment in its Schedule in Annex III ), at any time after three years have elapsed from the date on which that commitment entered into force, provided that: (a) it notifies in accordance with the provisions of this Article. The modifying Party shall notify the other Party (referred to in this Article as the “affected Party”) of its intention intent to modify or withdraw a commitment pursuant to this Article no later than three months before the intended date of implementation of the modification or withdrawal; and (b) upon notification of a Party’s intent to make such modification, the Parties shall consult and attempt to reach agreement on the appropriate compensatory adjustment. 2. In achieving a compensatory adjustmentAt the request of the affected Party, the Parties modifying Party shall endeavour enter into negotiations with a view to reaching agreement on any necessary compensatory adjustment within six months. In such negotiations and agreement, the affected Party and the modifying Party shall endeavor to maintain a general level of mutually advantageous commitment that is commitments not less favourable to trade than that provided for in the Schedules of specific commitments prior to such negotiations. The Joint Committee shall be kept informed of the outcome of the negotiations. 3. If agreement under paragraph 1(b) is not reached between any affected Party and the modifying Party and before the affected Party within three monthsend of the period provided for negotiations, the affected Party may refer the matter to an arbitral tribunal in accordance with the procedures set out in Chapter 15 16 (Dispute Settlement) or, where agreed between the Parties, to an alternative arbitration procedure). 4. If an affected Party does not refer the matter to dispute settlement 60 days from the expiration of the period referred to in paragraph 3 of this Article, the modifying Party shall be free to implement the proposed modification or withdrawal. 5. The modifying Party may not modify or withdraw its commitment until it has made the compensatory adjustments in conformity with the findings of the arbitral tribunal in accordance with paragraph 3panel established pursuant to Article 16.8 (Dispute Settlement). 56. If the modifying Party implements its proposed modification or withdrawal and does not comply with the findings of the arbitral tribunalpanel established pursuant to Article 16.8 (Dispute Settlement), the affected Party may modify or withdraw substantially equivalent benefits in conformity with the findings of the arbitral tribunalthose findings.

Appears in 1 contract

Samples: Comprehensive Economic Partnership Agreement

Modification of Schedules. 1. A Party (referred to in this Article as the “modifying Party”) may modify or withdraw any commitment in its Schedule of Specific Commitments in Annex III 8-1 (Schedules of Specific Commitments) at any time after three years have elapsed from the date on which that commitment entered into force, provided that: (a) it notifies the other Party (referred to in this Article as the “affected Party”) of its intention to modify or withdraw a commitment no later than three months before the intended date of implementation of the modification or withdrawal; and (b) upon notification of a Party’s intent to make such modificationmodification or withdrawal, the Parties shall consult and attempt to reach agreement on the appropriate compensatory adjustment. 2. In achieving a compensatory adjustment, the Parties shall endeavour to maintain a general level of mutually advantageous commitment that is not less favourable to trade than provided for in the Schedules prior to such negotiations. 3. If agreement under paragraph subparagraph 1(b) is not reached between the modifying Party and the affected Party within three months, the affected Party may refer the matter to an arbitral tribunal in accordance with the procedures set out in Chapter 15 16 (Dispute Settlement) or, where agreed between the Parties, to an alternative arbitration procedure. 4. The modifying Party may not modify or withdraw its commitment until it has made the compensatory adjustments in conformity with the findings of the arbitral tribunal in accordance with paragraph 3.. NOT IN FORCE 5. If the modifying Party implements its proposed modification or withdrawal and does not comply with the findings of the arbitral tribunal, the affected Party may modify or withdraw substantially equivalent benefits in conformity with the findings of the arbitral tribunal.

Appears in 1 contract

Samples: Georgia – Hong Kong, China Free Trade Agreement

Modification of Schedules. 1. A Party (referred to in this Article as the "modifying Party") may modify or withdraw any commitment in its Schedule in Annex III of Specific Commitments, at any time after three 3 years have elapsed from the date on which that commitment entered into force, force provided that: (a) it notifies the other Party (referred to in this Article as the “affected Party”) of its intention to modify or withdraw a commitment no later than three 3 months before the intended date of implementation of the modification or withdrawal; and (b) upon notification of a Party’s intent to make such modification, the Parties shall consult and attempt to reach agreement on the appropriate compensatory adjustment. 2. In achieving a compensatory adjustment, the Parties shall endeavour endeavor to maintain a general level of mutually advantageous commitment that is not less favourable favorable to trade than provided for in the Schedules of Specific Commitments prior to such negotiations. 3. If agreement under paragraph 1(b) is not reached between the modifying Party and the affected Party within three 3 months, the affected Party may refer the matter to arbitration by an arbitral tribunal in accordance with arbitration panel established following the same procedures set out as provided for in Chapter 15 13 (Dispute Settlement) or, where agreed between ). Such an arbitration panel shall present its finding as to the Parties, ways to an alternative arbitration procedureensure that the general level of mutually advantageous commitments under this Chapter is maintained. 4. The modifying Party may not modify or withdraw its commitment until it has made the compensatory necessary adjustments in conformity with the findings of the arbitral tribunal arbitration in accordance with relation to the question of whether paragraph 1(b) is satisfied under paragraph 3. 5. If the modifying Party implements its proposed modification or withdrawal and does not comply with the findings of the arbitral tribunal, the affected Party may modify or withdraw substantially equivalent benefits in conformity with the findings of the arbitral tribunal.

Appears in 1 contract

Samples: Free Trade Agreement