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 3 relating to cross-border capital transactions and Article 13: (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. The measures referred to in paragraph 1: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund, 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; (c) shall be temporary and eliminated as soon as conditions permit; (d) shall be promptly notified to the other Contracting Parties in an appropriate manner; (e) shall ensure that any of the other Contracting Parties is treated as favorably as the third Contracting Party and any non-Contracting Party; and (f) shall be adopted or maintained endeavoring to avoid unnecessary damage to the commercial, economic and financial interests of the other Contracting Parties. 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.

Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 3 relating to cross-cross- border capital transactions and Article 13: (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. The measures referred to in paragraph 1: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund, 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; (c) shall be temporary and eliminated as soon as conditions permit; (d) shall be promptly notified to the other Contracting Parties in an appropriate manner; (e) shall ensure that any of the other Contracting Parties is treated as favorably as the third Contracting Party and any non-non- Contracting Party; and (f) shall be adopted or maintained endeavoring to avoid unnecessary damage to the commercial, economic and financial interests of the other Contracting Parties. 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.

Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 3 relating to cross-border capital capita l transactions and Article 13: (a) in the event of serious balance-of-payments and external financial financi al difficulties or threat thereof; or (b) in cases where, in exceptional circumstances, movements of capital capit al cause or threaten to cause serious difficulties for macroeconomic management, in particular, monetary and exchange rate policies. 2. The measures referred to in paragraph 1: (a) shall be consistent with the Articles of Agreement of the International Inte rnational Monetary Fund, 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; (c) shall be temporary and eliminated as soon as conditions permit; (d) shall be promptly notified to the other Contracting Parties in an appropriate manner; (e) shall ensure that any of the other Contracting Parties is treated trea xxx as favorably as the third Contracting Party and any non-Contracting Contracti ng Party; and (f) shall be adopted or maintained endeavoring to avoid unnecessary damage to the commercial, economic and financial interests of the other o ther Contracting Parties. 3. Nothing in this Agreement shall be regarded as altering the rights right s enjoyed and obligations undertaken by a Contracting Party as a party par ty to the Articles of Agreement of the International Monetary Fund.

Temporary Safeguard Measures. 1. A Contracting Party may adopt or maintain measures not conforming with its obligations under Article 3 relating to cross-border capital transactions and Article 13: (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. The measures referred to in paragraph 1: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund, 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; (c) shall be temporary and eliminated as soon as conditions permit; (d) shall be promptly notified to the other Contracting Parties in an inan appropriate manner; (e) shall ensure that any of the other Contracting Parties is treated as favorably as the third Contracting Party and any non-Contracting Party; and (f) shall be adopted or maintained endeavoring to avoid unnecessary damage to the commercial, economic and financial interests of the other Contracting Parties. 3. Nothing in this Agreement shall be regarded as altering the rights right s enjoyed and obligations undertaken by a Contracting Party as a party to the Articles of Agreement of the International Monetary Fund.