Common use of Modification or Amendment to Fax Instructions Clause in Contracts

Modification or Amendment to Fax Instructions. The Customer acknowledges and agrees that if it intends to modify or amend any Fax Instruction having been sent to the Bank, such modification or amendment can only be made by way of (a) making a phone call to the customer service center of the Bank as appeared on the relevant application forms and (b) sending another Fax Instruction to cancel the previous Fax Instruction and to give a new Fax Instruction and such cancellation will be allowed only before the Bank has acted on the previous Fax Instruction. The Bank is not responsible for any losses or expenses suffered or incurred by the Customer as a result of the Bank acting upon the previous Fax Instruction if the new Fax Instruction is not received by the Bank before it acts upon the previous Fax Instruction.