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 trade in services on which it has undertaken specific commitments, including on payments or transfers for transactions relating to such commitments. It is recognised that particular pressure 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: (a) shall be applied by a Party on a national treatment basis and such that the other Party is treated no less favourably than any non-Party; (b) shall be consistent with the Articles of Agreement of the International Monetary Fund; (c) shall avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (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. 3. In determining the incidence of such restrictions, a Party may give priority to the supply of services which are more essential to its economic or development programmes. However, such restrictions shall not be adopted or maintained for the purposes of protecting a particular service sector. 4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the other Party.

Restrictions to Safeguard the Balance of Payments. 1. In the event of serious balance-of-balance of payments and external financial difficulties or threat thereof, a Party may adopt or maintain restrictions on trade in services on in respect of which it has undertaken specific commitments, including on payments or transfers for transactions relating to such commitments. It is recognised that particular pressure 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 11 shall: (a) shall be applied by a Party on a national treatment basis and such that the other Party is treated no less favourably than any non-Party; (b) shall be consistent with the Articles of Agreement of the International Monetary Fund; (cb) shall avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (dc) shall not exceed those necessary to deal with the circumstances described in paragraph 1; and; (ed) shall be temporary and be phased out progressively as the situation specified in paragraph 1 improves; and (e) be applied in such a manner that the other Party is treated no less favourably than any country that is not a Party to this Agreement. 3. In determining the incidence of such restrictions, a Party the Parties may give priority to the supply of services which are more essential to its their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purposes purpose of protecting a particular service sector. 4. Any restrictions restriction adopted or maintained under paragraph 1, or any changes change therein, shall be promptly notified to the other Party.

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 on which it has undertaken specific [specific] commitments, including on payments or transfers for transactions relating related to such commitments. It is recognised recognized that particular pressure pressures on the balance of payments of a Party in the process of economic development or economic transition 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 developmentdevelopment or economic transition. 2. The restrictions referred to in paragraph 1: (a) shall be applied by a Party on a national treatment basis and such that the other Party is treated no less favourably than any non-Partynot discriminate among Parties; (b) shall be consistent with the Articles of Agreement of the International Monetary Fund; (c) shall avoid unnecessary damage to the commercial, economic and financial interests of the any other Party; (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. 3. In determining the incidence of such restrictions, a Party Parties may give priority to the supply of services which are more essential to its their economic or development programmes. However, such restrictions shall not be adopted or maintained for the purposes purpose of protecting a particular service sector. 4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the other Party.

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 on which it has undertaken specific commitments, including on payments or transfers for transactions relating related to such commitments. It is recognised recognized that particular pressure on the balance of payments of a Party in the process of economic development or economic transition 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 program of economic developmentdevelopment or economic transition. 2. The restrictions referred to in paragraph 1: (a) shall be applied by a Party on a national treatment basis and such ensure that the other Party is treated no less favourably than as favorably as any non-Party; (b) shall be consistent with the Articles of Agreement of the International Monetary Fund; (c) shall avoid unnecessary damage to the commercial, economic economic, and financial interests of the other Party; (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. 3. In determining the incidence of such restrictions, a Party may give priority to the supply of services which are more essential to its economic or development programmesprograms. However, such restrictions shall not be adopted or maintained for the purposes purpose of protecting a particular service sector. 4. Any restrictions adopted or maintained under paragraph 1, or any changes therein, shall be promptly notified to the other Party.