Common use of Cancellation of Remittance Clause in Contracts

Cancellation of Remittance. (1) Where the applicant cancels the request for remittance at its initiation after the Contract has been entered into, such cancellation shall be processed according to the following procedures at the teller's counter of the Office in Charge: (i) When requesting cancellation of remittance, the applicant is required to submit an Application for Cancellation as prescribed by the Bank with the signature or the name and seal which are identical to those used on the Application for Remittance, along with the statement of remittance or other documents as provided for in Article 4, Paragraph (2). In such cases, the applicant may be requested to submit documents identifying the applicant to the Bank and/or provide a guarantor to the Bank, as prescribed by the Bank. (ii) Upon acceptance of a request for cancellation of remittance, the Bank shall implement the necessary procedures without delay such as issuing cancellation instructions in accordance with the substance of the Application for Cancellation, selecting the Banks Concerned and selecting the transmission method which the Bank deems appropriate. (iii) When the Bank receives a reversed fund relating to the remittance from the Banks Concerned in line with cancellation, the Bank shall immediately return such amount to the applicant. In such an event, the applicant shall submit a receipt or other documents as prescribed by the Bank with the signature or the name and seal which are identical to those used on the Application for Remittance. Furthermore, the applicant may be requested to submit documents identifying the applicant to the Bank and/or provide a guarantor to the Bank as prescribed by the Bank. (2) With respect to the handling of the Application for Cancellation submitted for the cancellation request, and the receipt or other documents required when the refunds are to be returned, pursuant to the preceding Paragraph, the provision of Article 4, Paragraph (5) shall apply mutatis mutandis. The Bank shall not be responsible for any losses or damages caused by the handling provided for in Subparagraph (ii) of the preceding Paragraph. (3) Cancellation of remittance provided for in this Article may not be completed due to reasons such as refusal by the Banks Concerned, restrictions by laws and regulations, and certain actions taken by the governments, courts or other public authorities.

Cancellation of Remittance. (1) Where the applicant cancels the request for remittance at its initiation after the Contract has been entered into, such cancellation shall be processed according to the following procedures at the teller's counter of the Office in Charge: (i) When requesting cancellation of remittance, the applicant is required to submit an Application for Cancellation as prescribed by the Bank with the signature or the name and seal which are identical to those used on the Application for Remittance, along with the statement of remittance or other documents as provided for in Article 4, Paragraph (2). In such cases, the applicant may be requested to submit documents identifying the applicant to the Bank and/or provide a guarantor to the Bank, as prescribed by the Bank. In addition, when the demand drafts has been issued to the applicant or the payee, such demand draft shall also be submitted. (ii) Upon acceptance of a request for cancellation of remittance, the Bank shall implement the necessary procedures without delay such as issuing cancellation instructions in accordance with the substance of the Application for Cancellation, selecting the Banks Concerned and selecting the transmission method which the Bank deems appropriate. (iii) When the Bank receives a reversed fund relating to the remittance from the Banks Concerned in line with cancellation, the Bank shall immediately return such amount to the applicant. In such an event, the applicant shall submit a receipt or other documents as prescribed by the Bank with the signature or the name and seal which are identical to those used on the Application for Remittance. Furthermore, the applicant may be requested to submit documents identifying the applicant to the Bank and/or provide a guarantor to the Bank as prescribed by the Bank. (2) With respect to the handling of the Application for Cancellation submitted for the cancellation request, and the receipt or other documents required when the refunds are to be returned, pursuant to the preceding Paragraph, the provision of Article 4, Paragraph (5) shall apply mutatis mutandis. The Bank shall not be responsible for any losses or damages caused by the handling provided for in Subparagraph (ii) of the preceding Paragraph. (3) Cancellation of remittance provided for in this Article may not be completed due to reasons such as refusal by the Banks Concerned, restrictions by laws and regulations, and certain actions taken by the governments, courts or other public authorities.