Common use of Temporary Measures Clause in Contracts

Temporary Measures. 1. Nothing in this Agreement shall be construed to prevent a Party from adopting or maintaining temporary restrictive measures with regard to trade in goods and services and with regard to payments and capital movements: (a) in the event of serious balance of payments or external financial difficulties or threat thereof; or (b) where, in exceptional circumstances, payments and capital movements cause or threaten to cause serious difficulties for macroeconomic management, in particular, monetary policy or exchange rate policy in either Party. 2. Measures referred to in paragraph 1 shall: (a) be in accordance with the rights and obligations established in the WTO Agreement and consistent with the Articles of Agreement of the International Monetary Fund (IMF), as applicable; (b) avoid unnecessary damage to the commercial, economic and financial interests of the other Party; (c) not exceed those necessary to deal with the circumstances set out in paragraph 1; (d) be temporary and be phased out or eliminated as soon as situation specified in paragraph 1 improves; and (e) be non-discriminatory. 3. Nothing in this Agreement shall be regarded to affect the rights enjoyed and obligations undertaken by a Party as a party to the Articles of Agreement of the IMF. 4. A Party shall publish or notify to the other Party of any restrictions adopted or maintained under paragraph 1, or any changes therein, to the extent that it does not duplicate the process under the WTO and the IMF.