Common use of REFERENCING Clause in Contracts

REFERENCING. The Bank may put the Client in contact with third party institutions inside or outside Uruguay (each of them, a “Referenced Institution”). Similarly, the Bank may assist the Client in the reception and transmission of instructions from the Client to a referenced Institution (the “Instructions”), provide the Client with brochures, send correspondence, etc. The Client accepts that the Bank shall only be responsible for using its best efforts in introducing the client to the issuing or selling institution and enabling contact between them. The Bank shall in no case be liable to the Client in the event that the issuing or selling institution refuses to engage in business or effect transactions therewith. The Bank shall act pursuant to the Instructions of the Client and on behalf thereof, and shall not act as representative or agent of the Referenced Institution. The Bank’s employees are not employees of the Referenced Institutions. The Bank shall not be liable for the acceptance and/or processing and/or execution of the Instructions. The sending of account statements and other elements of the relationship between the Client and the Referenced Institution shall be governed by foreign regulations and not by the regulations of Uruguay.