Common use of Interpretation and Application Clause in Contracts

Interpretation and Application. For purposes of this Chapter: (a) the basis for tariff classification in this Chapter is the Harmonised System; (b) where applying subparagraph 1(d) of Article 4.2, the determination of whether a heading or subheading under the Harmonised System provides for and specifically describes both a good and its parts shall be made on the basis of the nomenclature of the heading or subheading and the relevant Section or Chapter Notes, in accordance with the General Rules for the Interpretation of the Harmonised System; (c) in applying the Customs Valuation Agreement for the determination of the origin of a good under this Chapter: (i) the principles of the Customs Valuation Agreement shall apply to domestic transactions, with such modifications as may be required by the circumstances, as would apply to international transactions; (ii) the provisions of this Chapter shall take precedence over the Customs Valuation Agreement to the extent of any difference; and (iii) the definitions in Article 4.1 shall take precedence over the definitions in the Customs Valuation Agreement to the extent of any difference; and (d) all costs referred to in this Chapter shall be recorded and maintained in accordance with the Generally Accepted Accounting Principles applicable in the territory of the Party in which the good is produced.

Interpretation and Application. For purposes of this Chapter: (a) the basis for tariff classification in this Chapter is the Harmonised System;Harmonized System (4), (b) where applying subparagraph 1(d) of Article 4.2IV.1(d), the determination of whether a heading or subheading under the Harmonised Harmonized System provides for and specifically describes both a good and its parts the materials that are used in the production of the good shall be made on the basis of the nomenclature of the heading or subheading and the relevant Section or Chapter Notes, in accordance with the General Rules for the Interpretation of the Harmonised Harmonized System; (c) in applying the Customs Valuation Agreement for the determination of the origin of a good under this Chapter: (i) the principles of the Customs Valuation Agreement shall apply to domestic transactions, with such modifications as may be required by the circumstances, as would apply to international transactions; (ii) the provisions of this Chapter shall take precedence over the Customs Valuation Agreement to the extent of any difference; and (iii) the definitions in Article 4.1 IV.15 shall take precedence over the definitions in the Customs Valuation Agreement to the extent of any difference; and (d) all costs referred to in this Chapter shall be recorded and maintained in accordance with the Generally Accepted Accounting Principles applicable in the territory of the Party in which the good is produced.

Interpretation and Application. For purposes of this Chapter: (a) the basis for tariff classification in this Chapter is the Harmonised SystemHarmonized System4; (b) where applying subparagraph 1(d) of Article 4.2IV.1(d), the determination of whether a heading or subheading under the Harmonised Harmonized System provides for and specifically describes both a good and its parts the materials that are used in the production of the good shall be made on the basis of the nomenclature of the heading or subheading and the relevant Section or Chapter Notes, in accordance with the General Rules for the Interpretation of the Harmonised Harmonized System; (c) in applying the Customs Valuation Agreement for the determination of the origin of a good under this Chapter: (i) the principles of the Customs Valuation Agreement shall apply to domestic transactions, with such modifications as may be required by the circumstances, as would apply to international transactions; (ii) the provisions of this Chapter shall take precedence over the Customs Valuation Agreement to the extent of any difference; and (iii) the definitions in Article 4.1 IV.15 shall take precedence over the definitions in the Customs Valuation Agreement to the extent of any difference; and (d) all costs referred to in this Chapter shall be recorded and maintained in accordance with the Generally Accepted Accounting Principles applicable in the territory of the Party in which the good is produced. 4 The rules of origin under Chapter IV are based on the 1996 Harmonized System.