Cancellation and Amendment of Payment Order. The Company shall have no right to cancel or amend a Payment Order after it is accepted by the Bank, except under mutual agreement. The Bank may, but is not obligated to, act upon a request for amendment or cancellation of a Payment Order, if the Bank has not yet acted on such Payment Order, and if the request has been authenticated by the applicable security procedure. The Company shall be liable to the Bank for any loss or expense incurred by the Bank as a result of such cancellation or amendment, whether or not such cancellation or amendment is effective. The Bank shall not be liable to the Company or a Beneficiary if any attempted cancellation or amendment of a Payment Order is not affected. In the case of an erroneous or otherwise irregular Funds Transfer, the Bank may, but shall not be obligated to, on its own initiative, request a Beneficiary’s Bank or Beneficiary to return the funds previously transferred on behalf of the Company. A Payment Order issued by the Company is paid at the time the Payment Order is executed.
Cancellation and Amendment of Payment Order. A communication of the sender of a payment order canceling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing. If a security procedure is in effect between the sender and the receiving bank, the commu- nication is not effective to cancel or amend the order unless the communication is verified pursuant to the security procedure or the bank agrees to the cancellation or amendment.
