Common use of Repatriation and Transfer Clause in Contracts

Repatriation and Transfer. 1. Upon fulfillment of all tax obligations, each Contracting Party shall permit in good faith all transfers related to an investment to be made freely and without delay into and out of its territory. Such transfers include: (a) returns, (b) proceeds from the sale or liquidation of all or any part of an investment, (c) compensation pursuant to Article 5 and Article 6, (d) reimbursements and interest payments deriving from loans in connection with investments, (e) salaries, wages and other remunerations received by the nationals of one Contracting Party who have obtained in the territory of the other Contracting Party the corresponding work permits related to an investment, (f) payments arising from an investment dispute. 2. Transfers shall be made in the convertible currency in which the investment has been made or in any convertible currency at the rate of exchange in force at the date of transfer, unless otherwise agreed by the investor and the hosting Contracting Party. 3. Notwithstanding above articles of this Agreement, a Contracting Party may prevent a transfer through the equitable, non- discriminatory and good faith application of its national laws relating to: (a) bankruptcy, insolvency or the protection of the rights of creditors; (b) issuing, trading or dealing in securities, futures, options and other derivatives; (c) suspected criminal or administrative offenses; (d) reports of transfers of cash or other monetary instruments; or (e) ensuring compliance with judicial or administrative proceedings. 4. Notwithstanding other provisions of this Agreement, each Contracting Party may, in accordance with its laws and regulations, adopt or maintain measures inconsistent with its obligations under this Article: (a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or (b) where, in exceptional circumstances, movements of capital cause, or threaten to cause, serious difficulties for macroeconomic managements, in particular monetary and exchange rate policies. 5. Measures referred to in paragraph 4 above: (a) shall be consistent with the Articles of the Agreement of the International Monetary Fund other than those the Contracting Parties made reservations; (b) shall not exceed those necessary to deal with the circumstances described in paragraph 4 above; (c) shall be temporary and shall be eliminated as soon as conditions permit; (d) shall be promptly notified to the other Contracting Party. 6. With regard to the Contracting Parties, the transfers referred to in this Article shall comply with relevant formalities stipulated by the Contracting Party's laws and regulations relating to exchange control. These formalities; (a) shall not be used as a way of avoiding the Contracting Party's commitments or obligations under this Agreement, (b) shall in no case be more restrictive than these required at the time of entry into force of this Agreement. The period required for the completion of transfer formalities shall commence on the day on which a written request with necessary supportive documentation is submitted to the foreign exchange authorities. The necessary authorizations should be granted in a period of one month but shall in no case exceed two months.

Repatriation and Transfer. 1. Upon fulfillment of all tax obligations, each Each Contracting Party shall permit guarantee in good faith all transfers related to an investment to be made freely and without delay into and out of its territory. Such transfers include: (a) returns,the initial capital and additional amounts to maintain or increase investment; (b) returns; (c) proceeds from the sale or liquidation of all or any part of an investment, ; (cd) compensation pursuant to Article 5 6, 7 and Article 6,10; (de) reimbursements and interest payments deriving from loans in connection with investments,; (ef) salaries, wages and other remunerations received by the nationals of one Contracting Party who have obtained in the territory of the other Contracting Party the corresponding work permits related to an investment, (f) payments arising from an investment dispute. 2. Transfers shall be made in the convertible currency in which the investment has been made or in any convertible currency at the rate of exchange in force at the date of transfer, unless otherwise agreed by the investor and the hosting Contracting Party. 3. Where, in exceptional circumstances, payments and capital movements cause or threaten to cause serious balance of payments difficulties, each Contracting Party may temporarily restrict transfers, provided that such restrictions are imposed on a non-discriminatory and in good faith basis. 4. Notwithstanding above articles of this Agreementparagraphs (1), (2), and (3), a Contracting Party may delay or prevent a transfer through the equitable, non- discriminatory discriminatory, and good faith application of its national laws relating to: (a) bankruptcy, insolvency insolvency, or the protection of the rights of creditors; (b) issuing, trading trading, or dealing in securities, futures, options and other options, or derivatives; (c) suspected criminal financial reporting or administrative offensesrecord keeping of transfers when necessary to assist law enforcement or financial regulatory authorities; (d) reports of transfers of cash criminal or other monetary instruments; orpenal offences; (e) ensuring compliance with orders or judgments in judicial or administrative proceedings. 4. Notwithstanding other provisions of this Agreement, each Contracting Party may, in accordance with its laws and regulations, adopt or maintain measures inconsistent with its obligations under this Article: (a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or (b) where, in exceptional circumstances, movements of capital cause, or threaten to cause, serious difficulties for macroeconomic managements, in particular monetary and exchange rate policies. 5. Measures referred to in paragraph 4 above: (a) shall be consistent with the Articles of the Agreement of the International Monetary Fund other than those the Contracting Parties made reservations; (b) shall not exceed those necessary to deal with the circumstances described in paragraph 4 above; (c) shall be temporary and shall be eliminated as soon as conditions permit; (d) shall be promptly notified to the other Contracting Party. 6. With regard to the Contracting Parties, the transfers referred to in this Article shall comply with relevant formalities stipulated by the Contracting Party's laws and regulations relating to exchange control. These formalities;or (af) shall not be used as a way of avoiding the Contracting Party's commitments social security schemes, including compulsory health insurance schemes, compulsory insurance against accidents at work and occupational diseases, public retirement or obligations under this Agreement, (b) shall in no case be more restrictive than these required at the time of entry into force of this Agreement. The period required for the completion of transfer formalities shall commence on the day on which a written request with necessary supportive documentation is submitted to the foreign exchange authorities. The necessary authorizations should be granted in a period of one month but shall in no case exceed two monthscompulsory savings schemes.