Common use of Temporary Safeguard Clause in Contracts

Temporary Safeguard. 1. A Party may adopt or maintain measures inconsistent with its obligations provided for in Article 73 relating to cross-border capital transactions or Article 80: (a) in the event of serious balance-of-payments or external financial difficulties or threat thereof; or (b) where, in exceptional circumstances, movements of capital result in serious economic and financial disturbance in the Party concerned. 2. The measures referred to in paragraph 1 above: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund; (b) shall not exceed those necessary to deal with the circumstances described in paragraph 1 above; (c) shall be temporary and shall be eliminated as soon as conditions permit; (d) shall promptly be notified to the other Party; (e) shall not discriminate between the Parties; (f) shall ensure that the other Party is treated as favourably as any non-Party; and (g) shall avoid unnecessary damage to the commercial, economic and financial interests of the other Party. 3. Nothing in this Chapter shall be regarded as affecting the rights enjoyed and obligations undertaken by a Party as a party to the Articles of Agreement of the International Monetary Fund.

Temporary Safeguard. 1. A Party may adopt or maintain measures inconsistent with its obligations provided for in Article 73 relating to cross-border capital transactions or Article 8080 : (a) in the event of serious balance-of-payments or external financial difficulties or threat thereof; or (b) where, in exceptional circumstances, movements of capital result in serious economic and financial disturbance in the Party concerned. 2. The measures referred to in paragraph 1 above: (a) shall be consistent with the Articles of Agreement of the International Monetary Fund; (b) shall not exceed those necessary to deal with the circumstances described in paragraph 1 above; (c) shall be temporary and shall be eliminated as soon as conditions permit; (d) shall promptly be notified to the other Party; (e) shall not discriminate between the Parties; (f) shall ensure that the other Party is treated as favourably as any non-Party; and (g) shall avoid unnecessary damage to the commercial, economic and financial interests of the other Party. 3. Nothing in this Chapter shall be regarded as affecting the rights enjoyed and obligations undertaken by a Party as a party to the Articles of Agreement of the International Monetary Fund.

Temporary Safeguard. 1. A Party may adopt or maintain measures inconsistent with inconsistentwith its obligations provided for in Article 73 relating to crosstocross-border capital transactions or Article 80: : (a) in the event of serious balance-of-payments or external orexternal financial difficulties or threat thereof; or or (b) where, in exceptional circumstances, movements of capital ofcapital result in serious economic and financial disturbance financialdisturbance in the Party concerned. . 2. The measures referred to in paragraph 1 above: : (a) shall be consistent with the Articles of Agreement of the International Monetary Fund; ; (b) shall not exceed those necessary to deal with the circumstances thecircumstances described in paragraph 1 above; ; (c) shall be temporary and shall be eliminated as soon assoon as conditions permit; ; (d) shall promptly be notified to the other Party; ; (e) shall not discriminate between the Parties; ; (f) shall ensure that the other Party is treated as favourably asfavourably as any non-Party; and and (g) shall avoid unnecessary damage to the commercial, ,economic and financial interests of the other Party. 3. Nothing in this Chapter shall be regarded as affecting the rights enjoyed and obligations undertaken by a Party as a party to the Articles of Agreement of the International Monetary Fund.