Common use of Cheque books Clause in Contracts

Cheque books. 5.1) The Bank may, in its absolute discretion, issue Customers who are residents of the UAE with a Cheque Book, in accordance with the applicable laws and regulations of the UAE. If a Cheque Book is issued, the Customer undertakes to be responsible for its safe custody at all times and will immediately notify the Bank if the Cheque Book, or any of the cheques contained therein, are lost or stolen. 5.2) If a demand draft or cheque is lost or stolen the Bank may take reasonable time to investigate non-payment of a demand draft or cheque reported lost or stolen and the Bank is not liable to issue an immediate refund to the Customer or issue any replacement and the Bank may cancel the cheque at its discretion subject to applicable law and regulations.