Correspondents. 4.1 Subject to any agreement to the contrary binding it to other Bureaux and/or to any national legal or regulatory provisions, each Bureau shall, with complete autonomy, set out the conditions under which it grants, refuses or withdraws its approval to correspondents established in the country for which it is competent. Each Bureau has at any time the right to exercise control over correspondents established in the country for which it is competent. However, this approval shall be granted when requested in the name of a member of another Bureau for any establishment of this member in the country of the Bureau receiving the request provided that such establishment transacts insurance against civil liability in respect of the use of motor vehicles.19
Correspondents. 4.1 The provision describes the basic principle governing the approval of correspondents: i.e. each Bureau is free to establish – whilst acting within the limits of its national law ( e.g. prohibition of accrediting loss adjusters) – the conditions under which it grants, denies or withdraws approval to correspondents established in the country for which it is competent. It follows on from this principle that each Bureau shall produce a document accessible on request to all candidates for the position of correspondent established in its country. This is without prejudice to those conditions that are laid down by national law. (For reasons of transparency, it is recommended to display the document on the website of each Bureau.) This document describes all the qualifications required to perform this function. Nonetheless, since the Green Card System was established by the insurers, it is important for the Bureaux to respond to their wishes whilst abiding by their national law. The General Assembly of the Council of Bureaux (2009) has approved the use of the following three documents by Bureaux: 1) a model correspondents’ charter 2) a model handling and payment agreement and 3) rules for outsourcing. These documents can be adapted by the Bureaux to their own specific situation. The above documents approved by the General Assembly can be consulted on the Council of Bureaux extranet. In this regard it should be noted that each Bureau must abide by the principle of non-discrimination i.e. it cannot impose, without justification, on certain correspondents alone, conditions or charges (e.g. surety deposits) which would not be imposed on others. Furthermore, should a Bureau require the payment of certain amounts by correspondents, the same criterion of non-discrimination shall apply and the amounts charged shall be related to services actually provided on a non-profit making basis by the Bureau.
Correspondents. Any written correspondent banking contracts.
Correspondents. 4.1 The provision describes the basic principle governing the approval of correspondents: i.e. each Bureau is free to establish – whilst acting within the limits of its national law ( e.g. prohibition of accrediting loss adjusters) – the conditions under which it grants, denies or withdraws approval to correspondents established in the country for which it is competent. It follows on from this principle that each Bureau shall produce a document accessible on request to all candidates for the position of correspondent established in its country. This is without prejudice to those conditions that are laid down by national law. (For reasons of transparency, it is recommended to display the document on the website of each Bureau.) This document describes all the qualifications required to perform this function. Nonetheless, since the Green Card System was established by the insurers, it is important for the Bureaux to respond to their wishes whilst abiding by their national law. The General Assembly of the Council of Bureaux (2009) has approved the use of the following three documents by 25 2017 – General Assembly, Decision No 4-1 - Entry into force: 1st January 2018 Bureaux: 1) a model correspondents’ charter 2) a model handling and payment agreement and 3) rules for outsourcing. These documents can be adapted by the Bureaux to their own specific situation. The above documents approved by the General Assembly can be consulted on the Council of Bureaux extranet. In this regard it should be noted that each Bureau must abide by the principle of non-discrimination i.e. it cannot impose, without justification, on certain correspondents alone, conditions or charges (e.g. surety deposits) which would not be imposed on others. Furthermore, should a Bureau require the payment of certain amounts by correspondents, the same criterion of non-discrimination shall apply and the amounts charged shall be related to services actually provided on a non-profit making basis by the Bureau. In the document laying down the conditions for correspondents, the Bureaux shall also address the matter of the withdrawal of the approval. This is a sensitive matter which should be approached with caution as any withdrawal might result in financial consequences for the entity concerned. Each Bureau shall accept responsibility for the consequences of any litigation ensuing from a withdrawal judged to be unfair. While each Bureau is free to unilaterally establish the conditions for granting or ...
Correspondents. Any rights, remedies, duties or obligations granted or undertaken by Company to Agent or any correspondent in any application for any Letter of Credit, or any other agreement in favor of Agent or any Issuing Bank or any correspondent relating to any Letter of Credit, shall be deemed to have been granted or undertaken by Company to Agent or such Issuing Bank. Any duties or obligations undertaken by Company to Agent or any Issuing Bank or any correspondent in any application for any Letter of Credit, or any other agreement by Agent, any Issuing Bank or any other Bank in favor of Agent, any Issuing Bank or any correspondent relating to any Letter of Credit, shall be deemed to have been undertaken by Company to Agent, such Issuing Bank and the other Banks and to apply in all respects to Company.
Correspondents. Any act, error, neglect, default, insolvency or failure in business of any of your correspondents, or of correspondents of your correspondents except that any such correspondent shall be liable, if at all, solely for its own bad faith or gross negligence, or if and solely to the extent required by law and not disclaimable, for its own negligence; (xi) INVALID INSTRUCTIONS. Any consequence resulting from the
Correspondents. When any act or thing is necessary or required to be done in the course of or in connection with the E-Pay Services, CIBC FirstCaribbean may, in its sole discretion, use a Correspondent to do such act or thing as agent for and on Customer’s behalf. CIBC FirstCaribbean shall not be liable by reason of any act or omission of such Correspondent for:
Correspondents. The Customer accepts and consents that if a Guarantee is issued by one of the Guarantee Issuer’s or the Bank’s international correspondents, the Guarantee lssuer and the Bank are not responsible for any errors or omissions by the correspondent.
Correspondents. Schedule 3.24 sets forth a list of each Company’s Correspondents and the number of transactions and dollar amount of remittances which each such Correspondent represented during the twelve month period ended May 31, 2009. All accounts with Correspondents have been settled in the Ordinary Course of Business, provided, that, in the event that there is a discrepancy or discrepancies in the settlement of any account between a Company and a Correspondent, as the case may be, no such discrepancy or discrepancies exceeds $25,000 in the aggregate.
Correspondents. This Section Intentionally Deleted.
