Other Payee Representations Sample Clauses
The "Other Payee Representations" clause requires parties to confirm that any payments made to third parties (other payees) are legitimate and that the payee is entitled to receive such payments. In practice, this means the party making the payment must ensure that the other payee is properly identified, authorized, and not subject to any legal restrictions or sanctions. This clause helps prevent fraud, money laundering, or accidental payments to unauthorized individuals, thereby protecting both parties from legal and financial risks associated with improper payments.
Other Payee Representations. B. The above representations may need modification if either party is a Multibranch Party.
Other Payee Representations. (a) Party A is not a non-resident of Canada for purposes of the Income Tax Act (Canada).
(b) Party B is not a non-resident of Canada for purposes of the Income Tax Act (Canada).
Other Payee Representations