The First Party definition
Examples of The First Party in a sentence
The First Party has the right to benefit from the amounts deposited in the current account with its full commitment to enable the Second Party to access these amounts immediately upon his/her request.
The First Party may reject the request to close the account if it is associated with any financial obligations such as issuing letters of guarantee, letters of credit, deducting commercial papers and other similar obligations that require keeping the account opened.
The First Party does not bear responsibility for any damage arising from implementing these orders unless this damage is a result of its gross negligence, deliberate wrongful behavior or failure to undertake the necessary due diligence intended for the purposes of concluding the agreement; attention, skill, prudence and diligence in accordance with the conditions that are expected to be performed within the reasonable limits of any similar entity.
The First Party may, if the Second Party violates this agreement, take the measures it deems appropriate within the limits of the banking regulations, rules and norms.
The First Party will provide Second Party with a list of persons or firms to contact in case of an emergency due to failure of the above facility components.