Common use of Exclusion of Bank’s liability Clause in Contracts

Exclusion of Bank’s liability. 4.6.1 Each Letter of Credit shall be opened entirely at the risk of the Account Party. 4.6.2 Any action taken or omitted by the Issuing Bank or any of its correspondents or agents under or in connection with any Letter of Credit, if taken or omitted in good faith and in the absence of fraud, misconduct or negligence, shall be binding on the Account Party and shall not place the Issuing Bank under any liability to the Account Party. 4.6.3 Without prejudice to the provisions of Clause ý4.6.2, in the event of any uncertainty or ambiguity in any instructions given to the Issuing Bank in any instructions, the Issuing Bank may, at its discretion, either (a) act upon its understanding of the meaning of such instructions, or (b) take no action until the Account Party clarifies such instructions to the Issuing Bank’s satisfaction. The Issuing Bank shall not be held liable for any losses incurred by the Account Party as a result of any action which the Issuing Bank takes in the light of such instructions in the absence of fraud, misconduct or negligence on its part.

Exclusion of Bank’s liability. 4.6.1 Each Letter of Credit shall be opened entirely at the risk of the Account Party. 4.6.2 Any action taken or omitted by the Issuing Bank or any of its correspondents or agents under or in connection with any Letter of Credit, if taken or omitted in good faith and in the absence of fraud, misconduct or negligence, shall be binding on the Account Party and shall not place the Issuing Bank under any liability to the Account Party. 4.6.3 Without prejudice to the provisions of Clause ý4.6.24.6.2, in the event of any uncertainty or ambiguity in any instructions given to the Issuing Bank in any instructions, the Issuing Bank may, at its discretion, either (a) act upon its understanding of the meaning of such instructions, or (b) take no action until the Account Party clarifies such instructions to the Issuing Bank’s satisfaction. The Issuing Bank shall not be held liable for any losses incurred by the Account Party as a result of any action which the Issuing Bank takes in the light of such instructions in the absence of fraud, misconduct or negligence on its part.