Common use of Credit Transactions Clause in Contracts

Credit Transactions. The sums are credited to the Client's account on the day the funds are received by the bank. The account holder can perform the following transactions: Except in certain cases (including certain cheques drawn on a bank established in a foreign country), the deposit amount is credited to the Client account subject to collection. The Bank may, at any time, and notwithstanding any previous practice, credit the account only after the clearing of the cheques or notice of effective settlement. The Bank may reject cheques submitted for collection and, thereby, subsequently debit the amount to the Client's account without their authorisation: In addition, the Bank reserves the right to refuse cheques issued on forms that do not comply with the standards in use in the profession. In case of omission on the part of the Client, the Bank is authorised to endorse on their behalf the cheques credited to the account. In accordance with usual practice, protests against cheques and securities delivered by the Client shall only be made in writing by the Client. As the delays in mailing and making protests make it very difficult to comply with the legal deadlines, the Client waives any forfeiture of rights on this account to the Bank and releases it from any liability in the event of late submission or delay, or failure to send any notice of non- payment or non-acceptance.

Credit Transactions. The sums are credited to the Client's account on the day the funds are received by the bank. The account holder can perform the following transactions: Except in certain cases (including certain cheques drawn on a bank established in a foreign country), the deposit amount is credited to the Client account subject to collection. The Bank may, at any time, and notwithstanding any previous practice, credit the account only after the clearing of the cheques or notice of effective settlement. The Bank may reject cheques submitted for collection and, thereby, subsequently debit the amount to the Client's account without their authorisation: In addition, the Bank reserves the right to refuse cheques issued on forms that do not comply with the standards in use in the profession. In case of omission on the part of the Client, the Bank is authorised to endorse on their behalf the cheques credited to the account. In accordance with usual practice, protests against cheques and securities delivered by the Client shall only be made in writing by the Client. As the delays in mailing and making protests make it very difficult to comply with the legal deadlines, the Client waives any forfeiture of rights on this account to the Bank and releases it from any liability in the event of late submission or delay, or failure to send any notice of non- non-payment or non-non- acceptance.