Common use of Settlement and Payments Clause in Contracts

Settlement and Payments. 7.2.1. Customer is obligated to ensure that Customer’s Account holds a sufficient amount of money to settle the respective Foreign Currency Exchange Transaction on the respective settlement date (till 18:00, local time in Latvia) as pre-agreed by the Parties at the time of sealing the Foreign Currency Exchange Transaction. Customer’s Account is used to settle Foreign Currency Exchange Transaction (all relevant entries are posted to Customer’s Account).