Common use of Temporary Safeguard Measures Clause in Contracts

Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 2 relating to cross-border capital transactions and Article 15: (a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or (b) in cases where, in exceptional circumstances, movements of capital cause or threaten to cause serious difficulties for macroeconomic management, in particular, monetary and exchange rate policies. 2. Measures referred to in paragraph 1 above: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund, as may be amended, so long as the Contracting Party taking the measures is a party to the said Articles; (b) shall not exceed those necessary to deal with the circumstances set out in paragraph 1 above; (c) shall be temporary and shall be eliminated as soon as conditions permit; (d) shall be promptly notified to the other Contracting Party; and (e) shall avoid unnecessary damages to the commercial, economic and financial interests of the other Contracting Party. 3. Nothing in this Agreement shall be regarded as altering the rights enjoyed and obligations undertaken by a Contracting Party as a party to the Articles of Agreement of the International Monetary Fund, as may be amended.

Temporary Safeguard Measures. 1. The Parties endeavour to avoid the imposition of restrictions to safeguard the balance of payments. 2. A Contracting Party may adopt or maintain restrictive measures not conforming with its obligations under Article 2 relating regard to cross-border capital transactions as well as payment and Article 15transfers relating to investment: (a) in the event of serious balance-of-payments and external financial difficulties or threat thereof; or (b) in exceptional cases where, in exceptional circumstances, where movements of capital cause or threaten to cause serious difficulties for macroeconomic management, in particular, particular monetary and exchange rate policies. 3. Restrictive measures adopted or maintained by a Party under paragraph 2. Measures referred to in paragraph 1 above: (a) shall ensure that investors of the other Party are treated as favourably as those of any non-Party; (b) shall be consistent with the Articles of Agreement of the International Monetary Fund, as may be amended, so long as the Contracting Party taking the measures is a party to the said Articles; (bc) shall not exceed those necessary to deal with the circumstances set out in paragraph 1 above2; (cd) shall be temporary and shall be eliminated as soon as conditions permit; (de) shall be promptly notified to the other Contracting Party; and (ef) shall avoid unnecessary damages to the commercial, economic and financial interests of the other Contracting Party. 34. Nothing in this Agreement Article shall be regarded so construed as altering to alter the rights enjoyed and obligations undertaken by a Contracting Party as a party to the Articles of Agreement of the International Monetary Fund, as may be amended.

Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 2 58 relating to cross-cross- border capital transactions and Article 1563: (a) in the event of serious balance-of-payments and external financial difficulties or imminent threat thereof; or (b) in cases where, in exceptional circumstances, movements of capital cause or threaten to cause serious difficulties for macroeconomic management, in particular, monetary and exchange rate policies. 2. Measures referred to in paragraph 1 above: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund, as may be amended, so long as the Contracting Party taking the measures is a party to the said Articles; (b) shall not exceed those necessary to deal with the circumstances set out in paragraph 1 above; (c) shall be temporary and shall be eliminated as soon as conditions permit;; and (d) shall be promptly notified to the other Contracting Party; and (e) shall avoid unnecessary damages to the commercial, economic and financial interests of the other Contracting Party. 3. Nothing in this Agreement Chapter shall be regarded as altering the rights enjoyed and obligations undertaken by a Contracting Party as a party to the Articles of Agreement of the International Monetary Fund, as may be amended.

Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 2 58 relating to cross-border capital transactions and Article 1563: (a) in the event of serious balance-of-payments and external financial difficulties or imminent threat thereof; or or (b) in cases where, in exceptional circumstances, movements of capital cause or threaten to cause serious difficulties for macroeconomic management, in particular, monetary and exchange rate policies. 2. Measures referred to in paragraph 1 above: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund, as may be amended, so long as the Contracting Party taking the measures is a party to the said Articles; (b) shall not exceed those necessary to deal with the circumstances set out in paragraph 1 above; (c) shall be temporary and shall be eliminated as soon as conditions permit; ; and (d) shall be promptly notified to the other Contracting Party; and (e) shall avoid unnecessary damages to the commercial, economic and financial interests of the other Contracting Party. 3. Nothing in this Agreement Chapter shall be regarded as altering the rights enjoyed and obligations undertaken by a Contracting Party as a party to the Articles of Agreement of the International Monetary Fund, as may be amended.