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

Restrictions to Safeguard the Balance of Payments. 1. The Parties shall endeavour to avoid the imposition of restrictions to safeguard the balance of payments. 2. Where any of the Parties to this Agreement is in serious balance of payments difficulties, or under threat thereof, it may adopt or maintain restrictive measures with regard to trade in goods and services, including on payments and transfers. 3. The rights and obligations of the Parties in respect of such restrictions shall be governed by paragraphs 1 to 3 of Article XII of the GATS, Article XII of the GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the GATT 1994. A Party adopting or maintaining such restrictions shall promptly notify the Joint Committee thereof.

Restrictions to Safeguard the Balance of Payments. 1. The Parties shall endeavour to avoid the imposition of restrictions to safeguard the balance of payments. 2. Where any of the Parties to this Agreement is in serious balance of payments difficulties, or under threat thereof, it may adopt or maintain restrictive measures with regard to trade in goods and services, including on payments and transfers. . 3. The rights and obligations of the Parties in respect of such restrictions shall be governed by paragraphs 1 to 3 of Article XII of the GATS, Article XII of the GATT 1994 and the Understanding on the Balance-of-Payments Provisions of the GATT 1994. A Party adopting or maintaining such restrictions shall promptly notify the Joint Committee thereof.