Agreement Setting

They serve as clear, jointly developed guidelines that help participants feel comfortable in an atmosphere of safety, respect and trust. Everyone shares responsibility for the experience and once it is developed, a group can regularly check the agreements to see if they still work and make changes in case of problems. Contract law is based on the principle expressed in the Latin phrase pacta sunt servanda (« Agreements must be respected »). [146] The Common Law of Contract arose from the meantime defuct writ of assumpsit, which was originally an unlawful act based on trust. [147] Contract law is covered by the ordinary law of obligations, together with the unlawful act, abusive enrichment and reimbursement. [148] 4. Where the holdings of the Fund on the currency of an outgoing Member exceed its due amount and no agreement on the method of settlement is reached within six months of the date of withdrawal, the former Member shall be required to exchange that excess currency in a freely usable currency. Repayment shall be made at the rates at which the Fund would sell those currencies at the time of payment of the Fund. The outgoing member shall complete the repayment within five years of the date of exit or within a longer period fixed by the Fund, but shall not be required to repay, in the course of half a year, more than one tenth of the excess assets of the Fund in its currency at the time of exit, as well as other acquisitions of the currency during the same period. If the outgoing member does not comply with this obligation, the Fund may liquidate, in an orderly manner, on any market, the amount of the currency that should have been repaid.

. . .