Common use of Currency Controls Clause in Contracts

Currency Controls. If, by law, regulations, or fiscal policy of a particular country, payment as provided for above is restricted or forbidden, notice thereof in writing will be given to the payee and payment of the royalty will be made through such lawful means or methods as the payee designates. If the payee fails to so designate such lawful means or methods within 60 days after such notice is given to the payee, the payment of royalties by the royalty-paying party will be made by the deposit thereof in local currency to the credit of the payee in a recognized banking institution designated by the payee or, if none be designated by the payee within such period of 60 days, in a recognized banking institution of which the royalty-paying party shall notify the payee.