Liability of the Bank. (a) The liability of the Bank (or any other Indemnified Person) under, in connection with and/or arising out of this Agreement, any Related Document or the Letter of Credit (or any pre-advice), regardless of the form or legal grounds of the action or proceeding, shall be limited to any direct damages suffered by the Applicant that are caused directly by Bank’s gross negligence or willful misconduct in (i) honoring a presentation that does not at least substantially comply with the Letter of Credit, (ii) failing to honor a presentation that strictly complies with the Letter of Credit or (iii) retaining Drawing Documents presented under the Letter of Credit. In no event shall the Bank be deemed to have failed to act with due diligence or reasonable care if the Bank’s conduct is in accordance with Standard Letter of Credit Practice or in accordance with this Agreement. The Applicant’s aggregate remedies against the Bank and any Indemnified Person for wrongfully honoring a presentation under the Letter of Credit or wrongfully retaining honored Drawing Documents shall in no event exceed the aggregate amount paid by the Applicant to the Bank in respect of an honored presentation under the Letter of Credit, plus interest. Notwithstanding anything to the contrary herein, the Bank and the other Indemnified Persons shall not, under any circumstances whatsoever, be liable for any punitive, consequential, indirect or special damages or losses regardless of whether the Bank or any Indemnified Person shall have been advised of the possibility thereof or of the form of action in which such damages or losses may be claimed. The Applicant shall take action to avoid and mitigate the amount of any damages claimed against the Bank or any Indemnified Person, including by enforcing its rights in the underlying transaction. Any claim by the Applicant for damages under or in connection with this Agreement, any Related Document or the Letter of Credit shall be reduced by an amount equal to the sum of (i) the amount saved by the Applicant as a result of the breach or alleged wrongful conduct and (ii) the amount of the loss that would have been avoided had the Applicant mitigated damages.
Liability of the Bank. As between the Company and the Bank, the Company assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of the Letters of Credit; provided however that the Company may have a claim against the Bank and the Bank may be liable to the Company, to the extent, but only to the extent, of any direct (as opposed to consequential or exemplary) damages suffered by the Company which the Company proves were caused by the willful misconduct or gross negligence in determining whether documents presented under a Letter of Credit comply with the terms of such Letter of Credit. In furtherance and not in limitation of the foregoing, the Bank shall not be responsible for: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for an issuance of a Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged, (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason, (iii) the failure of the beneficiary of a Letter of Credit to comply fully with conditions required to be satisfied by any Person other than the Bank in order to draw upon such Letter of Credit, (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, or otherwise, (v) errors in the interpretation of technical terms, (vi) the misapplication by the beneficiary of a Letter of Credit of the proceeds of any drawing under such Letter of Credit or (vii) any consequences arising from causes beyond control of the Bank.
Liability of the Bank. The Borrower, to the extent permitted by applicable law, assumes all risks of the acts or omissions of the Trustee and any beneficiary or transferee of the Letter of Credit with respect to its use of the Letter of Credit. Neither the Bank nor any of its officers, directors, employees, agents or consultants shall be liable or responsible for:
Liability of the Bank. Account Parties assume all risks of the acts or omissions of the Bond Trustee and any transferee of the Letter of Credit with respect to its use of the Letter of Credit. Neither the Bank nor any of its officers or directors shall be liable or responsible for: (a) the use which may be made of the Letter of Credit or for any acts or omissions of the Bond Trustee and any beneficiary or transferee in connection therewith; (b) any reference which may be made to this Reimbursement Agreement or the Letter of Credit in any agreements, instruments or other documents; (c) the validity, sufficiency or genuineness of documents, or of any endorsement(s) thereon, even if such documents should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged; (d) payment by the Bank against presentation of documents which do not comply with the terms of the Letter of Credit, including failure of any documents to bear any reference or adequate reference to the Letter of Credit; or (e) any other circumstances whatsoever in making or failing to make payment under the Letter of Credit. Without limiting the foregoing, the Bank may accept any document that appears on its face to be in order, without responsibility for further investigation. The determination of whether a drawing has been made under the Letter of Credit prior to the Expiration Date or whether a drawing made under the Letter of Credit is in proper and sufficient form shall be made by the Bank in its sole discretion, which determination shall be conclusive and binding upon Account Parties to the extent permitted by law except to the extent Account Parties proves that such determination constituted gross negligence or willful misconduct of the Bank. Account Parties hereby waive any right to object to any payment made under the Letter of Credit with regard to a drawing that is in the form provided in the Letter of Credit, but which varies with respect to punctuation, capitalization, spelling or similar matters of form. Notwithstanding the foregoing, the Bank shall be liable to Account Parties for acts or events described in subsections (a) through (e) above to the extent, but only to the extent, of any direct, as opposed to indirect or special or consequential, damages, suffered by Account Parties which Account Parties proves were caused by: (i) the gross negligence or willful misconduct of the Bank, in determining whether a drawing made under the Letter of Credit complies with the terms and co...
Liability of the Bank. Neither the Bank nor any Group Entity nor any of their agents, business associates, officers or employees shall be liable for any losses suffered by the Client as a result of any transaction or service provided or not provided to the Client except to the extent that such losses are a direct result of the wilful misconduct, fraud or negligence of the Bank, or of any agent, broker, dealer, market maker or sub-custodian appointed by the Bank which is a Group Entity. In particular, without limitation, the Bank shall not be liable for any losses, costs or expenses: (a) incurred as a result of, or existing from, causes or conditions beyond the Bank's reasonable control, including but not limited to a breakdown or failure of transmission, communication or computer facilities, industrial action, act of terrorism, adverse market action, regulatory or governmental action, the failure of any exchange or clearing house; or (b) attributable to any act or omission of any agent, broker, dealer, market maker or sub-custodian appointed in connection with its services to the Client other than a Group Entity, provided that the Bank has not acted negligently in selecting that third party, or utilising its services or (c) incurred as a result of delays caused by compliance investigations relating to or in connection with the detection, investigation and prevention of financial crime. This may include intercepting and investigating any instruction, communication, application or any payment sent to or by you, or on your behalf. BANK HOLIDAYS The days on which the Bank is closed due to applicable laws or local practice, including Saturdays and Sundays, are deemed official bank holidays. The Bank accepts no responsibility for any damage or loss which might result from the Bank being closed on such bank holidays. CHARGE CARDS Should the Client order a charge card, the Client acknowledges and accepts that the Bank may be obliged to transmit to the issuing company the Client's identity and other details relating to the card holder. By using a charge card, the Client is aware that third parties might become aware of the existence of the Client's relationship with the Bank.
Liability of the Bank. Without prejudice to the other provisions of these General Conditions the Bank shall be liable if any shortcoming in the performance of any obligation vis-a-vis the Customer is imputable to the Bank or attributable to the Bank by virtue of the law, any legal act or generally prevailing views. In any case, insofar as liability is not already excluded by operation of the law, the Bank shall not be liable if a shortcoming of the Bank is the result of: - international conflicts; - violent or armed actions; - measures taken by any domestic, foreign or international government authority; - measures taken by any supervisory authority; - labour disturbances among the staff of third parties or the Bank's own staff; - power failures or breakdowns in communication links or equipment or software of the Bank or of third parties. Should any circumstance referred to in the preceding paragraph occur, then the Bank shall take such measures as may reasonably be required from it in order to reduce the resulting adverse effects for the Customer.
Liability of the Bank. A) The Bank agrees to make every reasonable effort to ensure uninterrupted functionality of AIBilad System. The bank shall be responsible for acting pursuant only to instructions it actually receives through AIBilad System. The bank disclaims liability in connection with any disruption or breakdown in any communication device which may affect the accuracy or timing of delivery of message sent by the user.
Liability of the Bank. 9.1. Unless Clause 10.2 applies or due to the gross negligence or willful default of the Bank, its officers or employees and only to the extent of direct and reasonably foreseeable loss and damage (if any) arising directly and solely therefrom or the amount of the relevant Transaction (whichever is less), the Bank shall not assume any liability or responsibility whatsoever to the Customer or any other person for the consequences arising from or in connection with:
Liability of the Bank. 7.13.1 The bank shall not:
Liability of the Bank. 6.1 The Bank shall not be liable or responsible for any Liabilities or inconvenience which may result from anything done or omitted to be done by it in accordance with the provisions of this Agreement and shall bear no obligation or responsibility to any person in respect of the operation of the Account or its application of the Account Moneys unless such liability arises as a result of gross negligence, fraud or willful default on the part of the Bank. In particular, but without limiting the generality of the foregoing, the Bank shall not be liable for any failure to maximize the amount of interest or other amounts earned on all or part of the Account Moneys. Under no circumstances shall the Bank be liable for any consequential or special loss, or indirect, consequential or punitive damages, however caused or arising (including loss of business, goodwill, opportunity or profit) even if advised of the possibility of such loss or damage.
