Common use of Payment in Foreign Currency Clause in Contracts

Payment in Foreign Currency. In the event the fund transfer is to be made in a currency other than U.S. Dollars, the Bank will purchase the foreign currency, and the Bank will be paid the U.S. Dollars equivalent of the amount of the foreign currency transferred, at the exchange rate you were advised by the Bank. You understand, further, that if the Beneficiary's Bank is instructed to pay in a currency other than its local currency, payment will normally be made by the Beneficiary's Bank at its rate of exchange on the date of its payment. You will comply with all local currency restrictions and any other local law governing the transaction. For U.S. Dollars which are to be transferred and converted abroad it is hereby understood and agreed that the foreign correspondent of the Bank, its agent, or any sub-agent of the foreign correspondent may, at its option at any time, convert the U.S. Dollars into currency of the country where payment is to be made at said correspondent's agent's or sub-agent's buying rate of exchange for U.S. Dollar checks in New York at the time of such conversion. If for any reason payment is not effectuated, and the U.S. Dollars will not have been converted into foreign currency, the Bank will not be liable for any sum in excess of the current market value in New York of such foreign currency at the time of the refund. The Bank may convert U.S. Dollars you delivered to us for transfer into the currency of the country to which remittance is to be made at the Bank's selling rate on the date such funds are received and the confirmation of the Bank will be conclusive evidence that such conversion has been affected. If for any reason payment is not effectuated, the Bank will not be liable for any sum in excess of the current market value in New York of said foreign money at the time the refund of same is made. Furthermore, in respect to either of the above transfers, if payment is not effectuated, the Bank will not be required to make any refund whatsoever until it has received advice from its correspondent that payment is canceled and said bank is in possession of the relevant funds. Foreign checks will be forwarded immediately for presentation to the drawee, and the drawer will be released from any and all liability should the check be dishonored after delay in presentation. The Bank is not liable for the acts of any of its correspondents or sub-agents.

Payment in Foreign Currency. ‌ In the event the fund transfer is to be made in a currency other than U.S. Dollars, the Bank will purchase the foreign currency, and the Bank will be paid the U.S. Dollars equivalent of the amount of the foreign currency transferred, at the exchange rate you were advised by the Bank. You understand, further, that if the Beneficiary's Bank is instructed to pay in a currency other than its local currency, payment will normally be made by the Beneficiary's Bank at its rate of exchange on the date of its payment. You will comply with all local currency restrictions and any other local law governing the transaction. For U.S. Dollars which are to be transferred and converted abroad it is hereby understood and agreed that the foreign correspondent of the Bank, its agent, or any sub-agent of the foreign correspondent may, at its option at any time, convert the U.S. Dollars into currency of the country where payment is to be made at said correspondent's agent's or sub-agent's buying rate of exchange for U.S. Dollar checks in New York at the time of such conversion. If for any reason payment is not effectuated, and the U.S. Dollars will not have been converted into foreign currency, the Bank will not be liable for any sum in excess of the current market value in New York of such foreign currency at the time of the refund. The Bank may convert U.S. Dollars you delivered to us for transfer into the currency of the country to which remittance is to be made at the Bank's selling rate on the date such funds are received and the confirmation of the Bank will be conclusive evidence that such conversion has been affected. If for any reason payment is not effectuated, the Bank will not be liable for any sum in excess of the current market value in New York of said foreign money at the time the refund of same is made. Furthermore, in respect to either of the above transfers, if payment is not effectuated, the Bank will not be required to make any refund whatsoever until it has received advice from its correspondent that payment is canceled and said bank is in possession of the relevant funds. Foreign checks will be forwarded immediately for presentation to the drawee, and the drawer will be released from any and all liability should the check be dishonored after delay in presentation. The Bank is not liable for the acts of any of its correspondents or sub-agents.

Payment in Foreign Currency. In the event the fund transfer is to be made in a currency other currencyother than U.S. Dollars, the Bank will purchase the foreign currency, and the Bank will be paid the willbe paidthe U.S. Dollars equivalent of the amount of the foreign currency transferred, at the exchange rate you were advised by the Bank. You understand, further, that if the Beneficiary's Bank is instructed to pay in a currency other than its local currency, payment will normally willnormally be made by the Beneficiary's Bank at its rate of exchange on the date of its payment. You will comply willcomply with all local currency restrictions and any other local law governing the transaction. For U.S. Dollars which are to be transferred and converted abroad it is hereby understood and agreed that the foreign correspondent of the Bank, its agent, or any sub-agent of the foreign correspondent may, at its option at any time, convert the U.S. Dollars into currency of the country where payment is to be made at said correspondent's agent's or sub-agent's buying rate of exchange for U.S. Dollar checks in New York at the time of such conversion. If for any reason payment is not effectuated, and the andthe U.S. Dollars will not have been converted into foreign currency, the Bank will not be liable for any sum in excess of the current market value in New York of such foreign currency at the time of the refund. The Bank may convert U.S. Dollars you delivered to us for transfer into the currency of the country to countryto which remittance is to be made at the Bank's selling rate on the date such funds are received and the confirmation of the Bank will be conclusive evidence that such conversion has conversionhas been affected. If for any reason payment reasonpayment is not effectuated, the Bank will Bankwill not be liable for any sum in excess inexcess of the current market value in New York of said foreign money at the time the refund of same is made. Furthermore, in respect inrespect to either of the above transfers, if payment is not effectuated, the Bank will not be required to make any refund whatsoever until it has received advice from its correspondent that payment is canceled and canceledand said bank is in possession of the relevant funds. Foreign checks will be forwarded immediately for presentation to the drawee, and the andthe drawer will be released from any and all liability should the shouldthe check be dishonored after delay in delayin presentation. The Bank is not liable for the acts of any of its correspondents or sub-agents.