escape clause

Definitions

Economics

  • The portion of a legal text that permits departure from its provisions in the event of specified adverse circumstances.
  • The U.S. statute (section 201, 1974 trade act) that permits imports to be restricted, for a limited time and on a nondiscriminatory basis, if they have caused injury to U.S. firms or workers. The escape clause accords with the Safeguards Clause (Article XIX) of the GATT.

Publishing

  • noun a clause in a contract which allows one of the parties to avoid carrying out the terms of the contract under particular conditions
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