What Is Called Articles Of Agreement

1. If the remaining commitment to be pending after the imposition pursuant to Article XXIV, point b), is notified to the terminating participant and if the agreement on liquidation between the Fund and the terminating member is not reached within six months of the termination date, the Fund terminates this balance of special drawing rights in equal semi-annual tranches within a maximum of five years from the closing date. The Fund maintains this balance, as it determines: (a) by paying the terminated member the sums made available by other fund participants in accordance with Article XXIV, Section 5, or (b) by allowing the terminating subscriber to use his special drawing rights to obtain his own currency or currency freely usable from a participant designated by the Fund. , the general resource account or another owner. For example, the content of the JCT Standard Building Contract (SBC) contract articles below is more detailed. “Agreements” define the main obligations of the parties involved. As a general rule, they consist of four sections: 4. The Council elects a member of the Council as president, adopts necessary or appropriate regulations for the performance of its functions, and defines each aspect of its procedure. The Board holds meetings scheduled by the Board or convened by the Executive Board. The Fund reports annually on the restrictions applicable to Section 2 of this article. Each member with restrictions inconsistent with Article VIII, Sections 2, 3 or 4 consults the Fund each year on the continuation of its conservation.

The Fund may, if it considers such measures necessary in exceptional circumstances, to argue to a member that the conditions for revocation of a particular restriction or the general removal of restrictions inconsistent with the provisions of other articles of this agreement are favourable. The member has a reasonable period of time to respond to these statements. If the Fund finds that the member maintains restrictions inconsistent with the Fund`s purposes, it is subject to Article XXVI, Section 2, Point a). In the recitals, the agreement is relegated to the background with factual details on the basis of the contract. Seven recitals describe what is needed and what has happened. This section outlines aspects of the contract that specifically relate to the project to which the contract relates.