Home > Term: escape clause
escape clause
1. The portion of a legal text that permits departure from its provisions in the event of specified adverse circumstances. 2. 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.
- Part of Speech: noun
- Industry/Domain: Economy
- Category: International economics
- Company: University of Michigan
0
Creator
- Noroc
- 100% positive feedback