Common use of AB&T Responsibilities and Liability Clause in Contracts

AB&T Responsibilities and Liability. a. In the performance of the Wire Transfer Services under Appendix D of this Agreement, AB&T shall be entitled to rely solely on the information, representations and warranties provided by Customer pursuant to Appendix D of this Agreement and shall not be responsible for the accuracy or completeness thereof. AB&T shall be responsible only for performing the Wire Transfer Services expressly provided for in Appendix D of this Agreement and shall be liable only for its negligence or willful misconduct in performing those Wire Transfer Services, except as provided by Iowa Funds Transfers Law or otherwise required by law. AB&T shall be deemed to have exercised ordinary care if its action or inaction is in conformity with general banking usages and practices not disapproved by the Iowa Funds Transfers Law or is otherwise a commercially reasonable practice of the banking industry. b. In the event AB&T shall be liable pursuant to the provisions of Appendix D of this Agreement, AB&T shall be liable only for Customer’s actual damages; in no event shall AB&T be liable for any consequential, special, incidental, punitive or indirect loss or damage which Customer may incur or suffer in connection with Appendix D of this Agreement, whether or not the likelihood of such damages was known or contemplated by AB&T and regardless of the legal or equitable theory of liability which Customer may assert, including, without limitation, loss or damage from subsequent wrongful dishonor resulting from AB&T’s acts or omissions pursuant to Appendix G of this Agreement. c. Without limiting the generality of the foregoing provisions, AB&T shall not be liable and shall be excused from failing to act or delay in acting if such failure or delay is caused by legal constraint, interruption of transmission or communication facilities, error in or inoperability of communication equipment or lines, natural disaster, fire, equipment failure, war, emergency conditions or other circumstances beyond AB&T’s control. In addition, AB&T shall not be liable for and shall be excused from failing to transmit or delay in transmitting a Wire Transfer or amendment if such transmittal would result in AB&T’s having exceeded any limitation upon its intra-day net funds position established pursuant to present or future Federal Reserve guidelines or in AB&T’s reasonable judgment otherwise violates any provision of any present or future risk control program of the Federal Reserve or any rule, law, regulation, executive order or any requirements of any governmental authority, or cause AB&T to engage in an unsafe and unsound practice.

AB&T Responsibilities and Liability. a. In the performance of the Wire Transfer Services under Appendix D of this Agreement, AB&T shall be entitled to rely solely on the information, representations and warranties provided by Customer pursuant to Appendix D of this Agreement Agreement, and shall not be responsible for the accuracy or completeness thereof. AB&T shall be responsible only for performing the Wire Transfer Services expressly provided for in Appendix D of this Agreement and shall be liable only for its negligence or willful misconduct in performing those Wire Transfer Services, except as provided by Iowa Funds Transfers Law or otherwise required by law. AB&T shall be deemed to have exercised ordinary care if its action or inaction is in conformity with general banking usages and practices not disapproved by the Iowa Funds Transfers Law or is otherwise a commercially reasonable practice of the banking industry. b. In the event AB&T shall be liable pursuant to the provisions of Appendix D of this Agreement, AB&T shall be liable only for Customer’s actual damages; in no event shall AB&T be liable for any consequential, special, incidental, punitive or indirect loss or damage which Customer may incur or suffer in connection with Appendix D of this Agreement, whether or not the likelihood of such damages was known or contemplated by AB&T and regardless of the legal or equitable theory of liability which Customer may assert, including, without limitation, loss or damage from subsequent wrongful dishonor resulting from AB&T’s acts or omissions pursuant to Appendix G of this Agreement. c. Without limiting the generality of the foregoing provisions, AB&T shall not be liable and shall be excused from failing to act or delay in acting if such failure or delay is caused by legal constraint, interruption of transmission or communication facilities, error in or inoperability of communication equipment or lines, natural disaster, fire, equipment failure, war, emergency conditions or other circumstances beyond AB&T’s control. In addition, AB&T shall not be liable for and shall be excused from failing to transmit or delay in transmitting a Wire Transfer or amendment if such transmittal would result in AB&T’s having exceeded any limitation upon its intra-day net funds position established pursuant to present or future Federal Reserve guidelines or in AB&T’s reasonable judgment otherwise violates any provision of any present or future risk control program of the Federal Reserve or any rule, law, regulation, executive order or any requirements of any governmental authority, or cause AB&T to engage in an unsafe and unsound practice.