Common use of Remittance Entrustment Contract and Its Cancellation Clause in Contracts

Remittance Entrustment Contract and Its Cancellation. (1) The Remittance Entrustment Contract (hereinafter referred to as the "Contract") shall be deemed to have been entered into when the Bank accepts the request for remittance and receives the Remittance Funds. (2) When the Contract is entered into pursuant to the preceding Paragraph, the Bank shall issue a statement of remittance or other documents relating to the substance of the Contract. The statement of remittance or other documents shall be properly stored, as the applicant may be requested by the Bank to submit these documents at a later date, in events such as cancellation by the Bank or by the applicant. (3) Even after entering into the Contract pursuant to Paragraph (1) above, the Bank may cancel the Contract should the Bank recognize any of the following before it issues the payment order to the Banks Concerned. In the event of such occurrences, the Bank shall not be responsible for any losses or damages caused by cancellation. (i) The remittance is in violation of laws and regulations governing foreign exchange such as it becoming subject to an emergency suspension of transactions; (ii) A war, insurrection or freezing of assets or suspension of payments of the Banks Concerned occurs or threatens to occur; or (iii) Other reasonable grounds such as the possibility of the remittance being linked with crime or the remittance to be made to countries, regions, or beneficiaries to which the Bank deems inappropriate to send funds. (4) In the case of cancellation by the Bank pursuant to the preceding Paragraph, the Bank shall return the Remittance Funds to the applicant. In such an event, the applicant will be requested to submit a receipt or other documents as prescribed by the Bank with the signature or the name and seal which are identical to those used on the Application for Remittance, along with the statement of remittance or other documents as provided for in Paragraph (2) above. Furthermore, when the Bank requests such, the applicant may be requested to submit documents identifying the applicant to the Bank and/or provide a guarantor to the Bank as prescribed by the Bank. (5) When the Bank returns the Remittance Funds after verifying, with reasonable care, that the signature or seal impression used on the receipt or other documents matches that which was used on the Application for Remittance, the Bank shall not be responsible for any losses or damages caused thereby.

Remittance Entrustment Contract and Its Cancellation. (1) The Remittance Entrustment Contract (hereinafter referred to as the "Contract") shall be deemed to have been entered into when the Bank accepts the request for remittance and receives the Remittance Funds. (2) When the Contract is entered into pursuant to the preceding Paragraph, the Bank shall issue provide the applicant or the payee with a statement of remittance or other documents relating to the substance of the ContractContract and, in the case of a demand draft, the relevant demand draft as well. The statement of remittance or other documents shall be properly stored, as the applicant or the payee may be requested by the Bank to submit these documents at a later date, in events such as cancellation by the Bank or by the applicant. (3) Even after entering into the Contract pursuant to Paragraph (1) above, the Bank may cancel the Contract should the Bank recognize any of the following before it issues the payment order to the Banks ConcernedConcerned or before it issues the demand draft to the applicant. In the event of such occurrences, the Bank shall not be responsible for any losses or damages caused by cancellation. (i) The remittance is in violation of laws and regulations governing foreign exchange such as it becoming subject to an emergency suspension of transactions; (ii) A war, insurrection or freezing of assets or suspension of payments of the Banks Concerned occurs or threatens to occur; or (iii) Other reasonable grounds such as the possibility of the remittance being linked with crime or the remittance to be made to countries, regions, or beneficiaries to which the Bank deems inappropriate to send funds. (4) In the case of cancellation by the Bank pursuant to the preceding Paragraph, the Bank shall return the Remittance Funds to the applicant. In such an event, the applicant will be requested to submit a receipt or other documents as prescribed by the Bank with the signature or the name and seal which are identical to those used on the Application for Remittance, along with the statement of remittance or other documents as provided for in Paragraph (2) above. Furthermore, when the Bank requests such, the applicant may be requested to submit documents identifying the applicant to the Bank and/or provide a guarantor to the Bank as prescribed by the Bank. (5) When the Bank returns the Remittance Funds after verifying, with reasonable care, that the signature or seal impression used on the receipt or other documents matches that which was used on the Application for Remittance, the Bank shall not be responsible for any losses or damages caused thereby.