Common use of Foreign Exchange Declaration Clause in Contracts

Foreign Exchange Declaration. For the foreign exchange transactions made by the Undersigned with the Bank, the Undersigned shall verify by him/her/itself whether or not such transactions are handled according to law. The foreign exchange transactions entered into by the Undersigned shall be reported to the Central Bank of Republic of China (Taiwan) according to the requirements of the competent authority or law. The Undersigned shall properly declare the nature of any transactions and remittances carried out by him/her/it according to relevant requirements specified in the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions. If the Undersigned fails to do so, a certain amount of administrative fine may be imposed on the Undersigned according to the Foreign Exchange Regulation Act.