Consignment Account Clause Samples

Consignment Account. (a) An account, or accounts (hereinafter, the "Consignment Account") may be opened on the books of the Bank, in which Consignment Account a record may be kept of all Deliveries made by the Bank to each Consignee under or pursuant to this Agreement and of all payments made by, or credits to, the Consignees thereon. (b) The Bank may also keep a record or records (either in the Consignment Account or elsewhere, as the-Bank may from time to time elect) of all fees, service charges, costs, expenses and other debits owed the Bank hereunder and of all credits against the amounts so owed. (c) All credits against each Consignee's liabilities to the Bank shall be conditional upon final payment to the Bank of the items giving rise to such credits, The amount of any item credited against such liabilities which is charged back against the Bank for any reason or is not so paid shall be added to the Consignment Account of such Consignee. (d) The Bank shall provide each Consignee with a monthly statement of the quantity of Consigned Precious Metal (in whatever form) held by such Consignee. If a Consignee does not agree with the information reported in the statement, such Consignee shall give notice of such disagreement to Bank within fifteen (15) days of the date of receipt of such statement. if a Consignee fails to give notice to Bank within such fifteen (15) day period, such Consignee shall be deemed to have affirmed the accuracy of the information reported in the statement and to have waived any claim such Consignee may have by reason of a dispute as to such statement.