Common use of THE ASEAN EMERGENCY RICE RESERVE Clause in Contracts

THE ASEAN EMERGENCY RICE RESERVE. The Governments of the ASEAN Member Countries do hereby agree to the establishment of the ASEAN Emergency Rice Reserve for the purpose of meeting emergency requirements. Each ASEAN Member Country shall earmark within or over and above its national reserve, a certain quantity of rice. Such earmarked quantities of rice shall constitute the ASEAN Emergency Rice Reserve, the total amount of which shall initially be 50,000 metric tons of rice. For the first year of operation ASEAN Member Countries agree that the earmarked quantity of each ASEAN Member Country for the ASEAN Emergency Rice Reserve shall be as follows: Both the total amount of the ASEAN Emergency Rice Reserve, as well as the amount earmarked by each ASEAN Member Country in such Reserve, shall be periodically reviewed by the Governments of the ASEAN Member Countries taking into account the general food situation in the ASEAN region and in the world. An emergency as referred to in Paragraph 1 of this Article shall be understood to mean the state or condition in which an ASEAN Member Country, having suffered extreme and unexpected natural or man-induced calamity, is unable to cope with such state or condition through its national reserve and is unable to procure the needed supply through normal trade.

THE ASEAN EMERGENCY RICE RESERVE. 1. The Governments of the ASEAN Member Countries do hereby agree to the establishment of the ASEAN Emergency Rice Reserve for the purpose of meeting emergency requirements. 2. Each ASEAN Member Country shall earmark within or over and above its national reserve, a certain quantity of rice. Such earmarked quantities of rice shall constitute the ASEAN Emergency Rice Reserve, the total amount of which shall initially be 50,000 metric tons of rice. 3. For the first year of operation ASEAN Member Countries agree that the earmarked quantity of each ASEAN Member Country for the ASEAN Emergency Rice Reserve shall be as follows: : 4. Both the total amount of the ASEAN Emergency Rice Reserve, as well as the amount earmarked by each ASEAN Member Country in such Reserve, shall be periodically reviewed by the Governments of the ASEAN Member Countries taking into account the general food situation in the ASEAN region and in the world. 5. An emergency as referred to in Paragraph 1 of this Article shall be understood to mean the state or condition in which an ASEAN Member Country, having suffered extreme and unexpected natural or man-induced calamity, is unable to cope with such state or condition through its national reserve and is unable to procure the needed supply through normal trade.