Common use of An importing Party Clause in Contracts

An importing Party. (a) shall not maintain an emergency action for a period exceeding three years; (b) shall not take or maintain an emergency action against a good beyond ten years after the Party must eliminate customs duties on that good pursuant to this Agreement; (c) shall not take an emergency action more than once against the same good of the other Party; and (d) shall, on termination of the emergency action, apply to the good that was subject to the emergency action the rate of duty that would have been in effect but for the action.

An importing Party. (a) shall may not maintain an emergency action for a period exceeding three two years except that the period may be extended by up to two years; (b) shall may not take or maintain an emergency action against a good beyond ten years after the date the Party must eliminate its customs duties on that good pursuant to this Agreement; (c) shall may not take an emergency action more than once against the same good of the other Party; and (d) shall, on termination of the emergency action, apply to the good that was subject to the emergency action the rate of customs duty that would have been in effect but for the action.