Foreign Currency Drafts Clause Samples
The Foreign Currency Drafts clause governs the use and acceptance of payments made in currencies other than the contract's primary currency. It typically outlines the procedures for issuing, receiving, and processing drafts or checks denominated in foreign currencies, including any applicable conversion rates, fees, or timing considerations. This clause ensures that both parties understand how foreign currency payments will be handled, reducing the risk of disputes over exchange rates or payment delays.
Foreign Currency Drafts. AFEX may agree to purchase and convert a Foreign Currency draft(s) that Client has received in its name and delivered to AFEX. AFEX may request additional information satisfactory to AFEX, in its sole discretion, that Client has the authority to deliver the Foreign Currency draft to AFEX for purposes of Foreign Currency conversion and negotiation.
Foreign Currency Drafts. U.S. Bank may offer and agree to provide a service whereby U.S. Bank shall act as your agent to arrange for the payment of foreign drafts issued by you via FX Web (the "Foreign Drafts"), which are drawn on the U.S. Bank's accounts at various banks with which the U.S. Bank has a correspondent relationship (such correspondent bank being the "Drawee Bank"). Foreign Drafts may not exceed your monetary draft limit as may be communicated by U.S. Bank from time to time in writing. You shall draw Foreign Drafts only in accordance with the terms of this Agreement and any related procedures.