Common use of REFUNDING OF PAYMENTS BY THE AGENT Clause in Contracts

REFUNDING OF PAYMENTS BY THE AGENT. This sub-clause applies if the Agent makes a payment out in the mistaken belief that it has received or will receive an incoming payment on a particular day. In this case the person which received the payment from the Agent agrees to return it. It will also reimburse the Agent for all losses and expenses incurred by the Agent as a result of funding the payment. This sub-clause does not affect the rights of the person which received the payment against the person which failed to make the payment to the Agent.

REFUNDING OF PAYMENTS BY THE AGENT. This sub-clause applies if the Agent makes a payment out in the mistaken belief that it has received or will receive an incoming payment on a particular day. In this case the person which received the payment from the Agent agrees to return it. It will also reimburse the Agent for all losses and expenses incurred by the Agent as a result of funding the payment. This sub-clause does not affect the rights of the person which received the payment against the person which failed to make the payment to the Agent.

REFUNDING OF PAYMENTS BY THE AGENT. This sub-clause applies if the Agent makes a payment out in the mistaken belief that it has received or will receive an incoming payment in respect of such payment out on a particular day. In this case the person which received the payment from the Agent agrees to return it. It will also reimburse the Agent for all reasonable losses and expenses properly incurred by the Agent as a result of funding the payment. This sub-clause does not affect the rights of the person which received the payment against the person which failed to make the payment to the Agent.