Common use of PAYMENTS ABROAD Clause in Contracts

PAYMENTS ABROAD. The Client may instruct the Bank to make a payment from a specified account to a specified beneficiary. Such a payment will be effected by a transfer to a bank nominated by the Client or in the absence of such nomination, to any bank that the Bank may choose in the country whose national currency is being remitted and/or in the country where the beneficiary resides (the "paying bank"). The Bank will instruct the paying bank to pay the beneficiary. Any value date agreed by the Bank is the date on which the funds will be available to the paying bank. The ability of the paying bank to pay the beneficiary on the value date either directly or through further intermediary banks will depend on banking practice in the country concerned. The Bank can give no general assurances on the achievement of value dates. INCOMING FUNDS The Bank will endeavour to credit the Client's account promptly and with good value. However, the Client acknowledges and releases the Bank from all liability and claims arising from a delay in the crediting of funds to an account due to failure by the remitter or any other party in providing information required by the Bank including but not restricted to details of the account from which funds have been remitted.