Common use of Method of Execution Clause in Contracts

Method of Execution. If a Payment Order does not indicate it requires expeditious processing via wire or phone, the Bank may transmit the Payment Order by any reasonable means. Value Dated Payment Orders may be executed by the Bank on the date of receipt, if received prior to the Bank's "cut-off time", unless a future value date is stated in the Payment Order instruction. Instructions requesting cancellation or amendment of a Payment Order must be transmitted to the Bank using the same level of Security Procedure as used for the original Payment Order. The Bank will honor all such properly transmitted requests received and accepted by the Bank's "cut-off time" of 4:00 PM (Eastern Time) on the Business Day prior to the value date, unless agreed with you otherwise in writing. The Bank shall have no obligation to act if the amendment or cancellation instructions are not transmitted to the Bank using the same or higher level of Security Procedures used by the customer for the original Payment Order. If amendment or cancellation instructions are transmitted to the Bank using an appropriate Security Procedure, and are received and accepted after the Bank’s cut- off time on the business day prior to the value date, the Bank shall use reasonable efforts to act on such instructions but the Bank shall have no liability if such amendment or cancellation is not effected.