Common use of Mechanism for acceptance Clause in Contracts

Mechanism for acceptance. The Client undertakes, with regard to bills of exchange and promissory notes to use only standard printed forms. The Bank may send the bills of exchange which it has discounted to be accepted by the drawee: in the event of a refusal by the drawee or in the event of the failure to return the said bills thirty (30) days or more before the maturity date, the Bank may of its own volition endorse back the amount thereof to the Client’s account without waiting for the maturity date and without having to draw up a protest, in consideration for the retrocession of the bank discounting charges calculated on a pro rata basis.