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

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on payments or transfers related to investments. It is recognized that particular pressures on the balance of payments of a Party in the process of economic development may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development. 2. The restrictions referred to in 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 national treatment basis and such that the other Party is treated no less favourably than any non-Party. 3. Any restrictions adopted or maintained by a Party under paragraph 1 or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on trade in services in respect of which it has obligations under Articles 3 (Market Access) and 4 (National Treatment), including on payments or transfers related for transactions relating to investmentssuch obligations. It is recognized that particular pressures on the balance of payments of a Party in the process of economic development may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development. 2. The restrictions referred to in paragraph 1 Article 15.1 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 1Article 15.1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 Article 15.1 improves; and; (e) be applied on a national treatment basis and such that the other Party is treated no less favourably than any non-Party. 3. Any restrictions adopted or maintained by a Party under paragraph 1 Article 15.1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 Article 15.1 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on payments or transfers related to investments. It is recognized that particular pressures on the balance of payments of a Party in the process of economic development may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development. 2. The restrictions referred to in paragraph 1 Article 12.1 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 1Article 12.1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 Article 12.1 improves; and; (e) be applied on a national treatment basis and such that the other Party is treated no less favourably than any non-Party. 3. Any restrictions adopted or maintained by a Party under paragraph 1 Article 12.1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 Article 12.1 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on payments or transfers related to investments. It is recognized that particular pressures on the balance of payments of a Party in the process of economic development may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development. 2. The restrictions referred to in paragraph 1 Article 10.1 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 1Article 10.1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 Article 10.1 improves; and (e) be applied on a national treatment basis and such that the other Party is treated no less favourably than any non-Party. 3. Any restrictions adopted or maintained by a Party under paragraph 1 Article 10.1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 Article 10.1 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on payments or transfers related to investments. It is recognized that particular pressures on the balance of payments of a Party in the process of economic development may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development. 2. The restrictions referred to in paragraph 1 Article 12.1 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 1Article 12.1; (d) be temporary and be phased out progressively as the situation specified in paragraph 1 Article 12.1 improves; and; (e) be applied on a national treatment basis and such that the other Party is treated no less favourably than any non-Party. 3. Any restrictions adopted or maintained by a Party under paragraph 1 Article 12.1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 Article 12.1 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on payments or transfers related to investments. It is recognized that particular pressures on the balance of payments of a Party in the process of economic development may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development. 2. The restrictions referred to in paragraph 1 Article 10.1 shall: (a) be Be consistent with the Articles of Agreement of the International Monetary Fund; (b) avoid Avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not Not exceed those necessary to deal with the circumstances described in paragraph 1Article 10.1; (d) be Be temporary and be phased out progressively as the situation specified in paragraph 1 Article 10.1 improves; and (e) be Be applied on a national treatment basis and such that the other Party is treated no less favourably than any non-Party. 3. Any restrictions adopted or maintained by a Party under paragraph 1 Article 10.1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 Article 10.1 shall commence consultations with the other Party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious difficulties in the balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on payments or transfers related to relationship with investments. It is recognized recognised that particular pressures on the balance of payments of a Party in the process of economic development may necessitate need the use of restrictions restrictions, to ensure, inter ensure inter- alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development. 2. The restrictions referred to in paragraph 1 shall1: (a) They shall be consistent with the Articles of Agreement of the International Monetary Fund; (b) They shall avoid unnecessary damage to the commercialeconomic, economic and commercial or financial interests of the other Partyparty; (c) Shall not exceed those what is necessary to deal with the circumstances described in paragraph 1; (d) They shall be temporary and be progressively phased out progressively as the situation specified in paragraph 1 improves; andsoon as conditions permit; (e) They shall be applied on a national basis that such treatment basis and such that the other Party party is treated no less favourably than any non-Partyparty. 3. Any restrictions adopted or maintained by a Party under paragraph 1 1. or any changes thereinthereto, shall be promptly notified to the other Partyparty. 4. The Party party adopting any restrictions under paragraph 1 shall commence consultations with the other Party party in order to review the restrictions adopted by it.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on payments or transfers related to investments. It is recognized recognised that particular pressures on the balance of payments of a Party in the process of economic development may necessitate the use of restrictions to ensure, inter alia, the maintenance of a level of financial reserves adequate for the implementation of its programme of economic development. 2. The restrictions referred to in 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 national treatment basis and such that the other Party is treated no less favourably than any non-Party. 3. Any restrictions adopted or maintained by a Party under paragraph 1 1, or any changes therein, shall be promptly notified to the other Party. 4. The Party adopting any restrictions under paragraph 1 shall commence consultations with the other Party in order to review the restrictions adopted by it.