Common use of Cancellation of Payment Transactions Clause in Contracts

Cancellation of Payment Transactions. 7.4.1. In the event of You having formed a Contract with Us in error or which You subsequently wish to cancel, You are advised to contact Us immediately on receipt of the Booking Confirmation requesting the Contract to be cancelled. Any loss arising on such cancellation arising from Our being required to unwind the acquisition of foreign exchange will be charged to You and payable by You, and there are additional cancellation fees attaching to the Cancellation (as defined and set out in the Fee Schedule). Should You reach the conclusion that You have formed a Contract with Us in error and take no steps to contact Us and do not complete the Lodgement (as provided for in Clause 8), then this shall also be regarded by Us as a Cancellation and the same fees and exposures shall apply. Late or incomplete settlement shall incur default interest on the total amount due, at a compound rate of 5% per annum, calculated daily and payable to Us on the date that the payment is made.