Common use of Cancellation and Change by Business Entity Clause in Contracts

Cancellation and Change by Business Entity. Business Entity shall have no right to cancel or change a request for wire transfer after a request for wire transfer has been received by bank according to the procedures described above. Nevertheless, Bank shall make reasonable efforts to act on a cancellation or change request received as follows: A cancellation request shall be deemed authorized by Business Entity, if the request follows the Security Procedures, even if the request came from a person other than an Authorized Representative. A cancellation request, if accepted by the Bank, is not effective unless it complies with the Security Procedures. Bank shall have no liability to Business Entity or to others based on Bank’s giving effect to a Business Entity’s cancellation request or based on Bank’s failure to give effect to a Business Entity’s cancellation request.