Common use of Collection and Remittance Clause in Contracts

Collection and Remittance. 7.1 Drafts deposited in your Account shall be accepted as collection items, We maintain the right to debit any Account with any unpaid and non-collected items in addition to our charges, without assuming any responsibility in case of non-collection of such items 7.2 We shall pay the actual amount of transfers or the bank drafts/cheques received in your favor after deducting the banking fees/charges and commissions incurred by us. 7.3 In the event we agree to accept bills, cheques, drafts or instruments drawn on banks outside KSA (the “Foreign Instruments”) for clearing or collection, you irrevocably and unconditionally acknowledge and agree as follows: a) the clearing or collection of Foreign Instruments is dependent upon the laws and practices of the country or state in which the drawee bank is located; b) we may accept Foreign Instruments for clearing or collection at our absolute discretion and solely as a facility to you at your request from time to time. We reserve the right to refuse any Foreign Instrument at our discretion or to return any Foreign Instruments at any time; c) we assume no responsibility for the realization of any Foreign Instrument deposited with us or for the value given by a foreign bank or for any mail, email or communication delays, loss of mail, email or courier, operating errors, clearing system delays or losses or for any charge, expense or loss, howsoever caused; and d) in certain countries, the clearing of cheques may be with recourse and, even when funds have been made available, the drawee bank may return the cheque or recall the funds subsequently. 7.4 We shall credit all your incoming remittances and drafts into the Accounts in the currency of the Accounts 7.5 We may, without your prior Notice to and/or your consent, reverse any entries in your Account where transfers, remittances, cheques or other instruments previously credited to your Account are recalled or returned unpaid for any reason. We shall be entitled to retain unpaid cheques or instruments and to exercise all rights in relation to them. 7.6 All the transfers made by us according to your instructions shall be at your expense and responsibility. We shall not be responsible if the amounts credited to your Accounts are reduced due to the charges or decline in value. We shall not be responsible if you are unable to use other funds in your Account because of any restrictions issued by the concerned authorities. 7.7 Should all or any of these transfers be unpaid and refunded to us, you can only claim their value at our buying rate on the day when the refund takes place. The refund cannot be made until we have received definite advice from our relevant correspondents that the funds are unpaid and that the original instructions have been cancelled.

Collection and Remittance. 7.1 Drafts deposited in your Account shall be accepted as collection items, We maintain the right to debit any Account with any unpaid and non-non- collected items in addition to our charges, without assuming any responsibility in case of non-collection of such items 7.2 We shall pay the actual amount of transfers or the bank drafts/cheques received in your favor after deducting the banking fees/charges and commissions incurred by us. 7.3 In the event we agree to accept bills, cheques, drafts or instruments drawn on banks outside KSA (the “Foreign Instruments”) for clearing or collection, you irrevocably and unconditionally acknowledge and agree as follows: a) the clearing or collection of Foreign Instruments is dependent upon the laws and practices of the country or state in which the drawee bank is located; b) we may accept Foreign Instruments for clearing or collection at our absolute discretion and solely as a facility to you at your request from time to time. We reserve the right to refuse any Foreign Instrument at our discretion or to return any Foreign Instruments at any time; c) we assume no responsibility for the realization of any Foreign Instrument deposited with us or for the value given by a foreign bank or for any mail, email or communication delays, loss of mail, email or courier, operating errors, clearing system delays or losses or for any charge, expense or loss, howsoever caused; and d) in certain countries, the clearing of cheques may be with recourse and, even when funds have been made available, the drawee bank may return the cheque or recall the funds subsequently. 7.4 We shall credit all your incoming remittances and drafts into the Accounts in the currency of the Accounts 7.5 We may, without your prior Notice to and/or your consent, reverse any entries in your Account where transfers, remittances, cheques or other instruments previously credited to your Account are recalled or returned unpaid for any reason. We shall be entitled to retain unpaid cheques or instruments and to exercise all rights in relation to them. 7.6 All the transfers made by us according to your instructions shall be at your expense and responsibility. We shall not be responsible if the amounts credited to your Accounts are reduced due to the charges or decline in value. We shall not be responsible if you are unable to use other funds in your Account because of any restrictions issued by the concerned authorities. 7.7 Should all or any of these transfers be unpaid and refunded to us, you can only claim their value at our buying rate on the day when the refund takes place. The refund cannot be made until we have received definite advice from our relevant correspondents that the funds are unpaid and that the original instructions have been cancelled.

Collection and Remittance. 7.1 Drafts deposited in your Account shall be accepted as collection items, We maintain the right to debit any Account with any unpaid and non-collected items in addition to our charges, without assuming any responsibility in case of non-collection of such items 7.2 We shall pay the actual amount of transfers or the bank drafts/cheques received in your favor after deducting the banking fees/charges and commissions incurred by us. 7.3 In the event we agree to accept bills, cheques, drafts or instruments drawn on banks outside KSA (the “Foreign Instruments”) for clearing or collection, you irrevocably and unconditionally acknowledge and agree as follows: a) the clearing or collection of Foreign Instruments is dependent upon the laws and practices of the country or state in which the drawee bank is located;. b) we may accept Foreign Instruments for clearing or collection at our absolute discretion and solely as a facility to you at your request from time to time. We reserve the right to refuse any Foreign Instrument at our discretion or to return any Foreign Instruments at any time;. c) we assume no responsibility for the realization of any Foreign Instrument deposited with us or for the value given by a foreign bank or for any mail, email or communication delays, loss of mail, email or courier, operating errors, clearing system delays or losses or for any charge, expense or loss, howsoever caused; and d) in certain countries, the clearing of cheques may be with recourse and, even when funds have been made available, the drawee bank may return the cheque or recall the funds subsequently. 7.4 We shall credit all your incoming remittances and drafts into the Accounts in the currency of the Accounts. 7.5 We may, without your prior Notice to and/or your consent, reverse any entries in your Account where transfers, remittances, cheques or other instruments previously credited to your Account are recalled or returned unpaid for any reason. We shall be entitled to retain unpaid cheques or instruments and to exercise all rights in relation to them. 7.6 All the transfers made by us according to your instructions shall be at your expense and responsibility. We shall not be responsible if the amounts credited to your Accounts are reduced due to the charges or decline in value. We shall not be responsible if you are unable to use other funds in your Account because of any restrictions issued by the concerned authorities. 7.7 Should all or any of these transfers be unpaid and refunded to us, you can only claim their value at our buying rate on the day when the refund takes place. The refund cannot be made until we have received definite advice from our relevant correspondents that the funds are unpaid and that the original instructions have been cancelled.