Risk of Documentary Credits Sample Clauses

Risk of Documentary Credits. (1) In determining whether to pay under a Documentary Credit, a Documentary Credit Lender shall be responsible only to determine that the documents and certificates required to be delivered under the Documentary Credit have been delivered and that they comply on their face with the requirements of the Documentary Credit. (2) The reimbursement obligation of a Documentary Credit Borrower under any Documentary Credit shall be unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including (i) any lack of validity or enforceability of a Documentary Credit; (ii) the existence of any claim, set off, defence or other right which any Person may have at any time against a Beneficiary, the Documentary Credit Lender or any other Person, whether in connection with the Credit Documents and the transactions contemplated therein or any other transaction (including any underlying transaction between a Documentary Credit Borrower and a Beneficiary); (iii) any certificate or other document presented with a Documentary Credit proving to be forged, fraudulent or invalid or any statement in it being untrue or inaccurate; (iv) the existence of any act or omission or any misuse of, a Documentary Credit or misapplication of proceeds by the Beneficiary, including any fraud in any certificate or other document presented with a Documentary Credit unless, with respect to the foregoing provisions of this Section 4.07(2), before payment of a Documentary Credit, (x) the applicable Documentary Credit Borrower has delivered to the Documentary Credit Lender a written notice of the fraud together with a written request that it refuse to honour such drawing, (y) the fraud by the Beneficiary has been established to the knowledge of the Documentary Credit Lender so as to make the fraud clear or obvious to the Documentary Credit Lender, and (z) in the case of fraud in the underlying transaction between the Documentary Credit Borrower and the Beneficiary, the fraud is of such character as to make the demand for payment by the Beneficiary under the Documentary Credit a fraudulent one; or (v) the existence of a Default or Event of Default. (3) The Documentary Credit Lender shall not be responsible for (i) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Documentary Credit or the rights or benefits under it or proceeds of it, in whole or in part, which may prove to...
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Related to Risk of Documentary Credits

  • Supplementary Card a card which is issued by the Bank to the client and/or other person nominated by the client and which is linked to the existing card account of the client;

  • Uniform Customs and Practice The Uniform Customs and Practice for Documentary Credits as published by the International Chamber of Commerce most recently at the time of issuance of any Letter of Credit shall (unless otherwise expressly provided in the Letters of Credit) apply to the Letters of Credit.

  • Customs Cooperation 1. The Parties shall enhance their cooperation in customs and customs-related matters. 2. The Parties affirm their commitment to the facilitation of the legitimate movement of goods and shall exchange expertise on measures to improve customs techniques and procedures and on computerized systems in accordance with this Agreement. 3. The Parties shall assist each other, in the areas within their competence, in the manner and under the conditions set out in this Chapter to ensure that the customs legislation is correctly applied, in particular by preventing, detecting, and investigating operations in breach of that legislation. 4. The Parties shall commit to: (a) pursuing the harmonization of documentation used in trade and data elements in accordance with international standards, for purposes of facilitating the flow of trade between them, in customs-related matters regarding the importation, exportation, and transit of goods; (b) intensifying cooperation between their customs laboratories and scientific departments and working towards the harmonization of customs laboratories methods ; (c) exchanging customs' experts of the Parties; (d) jointly organizing training programs on customs-related issues for the officials who participate directly in customs procedures; (e) developing effective mechanisms for communicating with the trade and business communities; (f) assisting each other, to the extent possible, in tariff classification, valuation, and determination of origin, for the preferential tariff treatment of imported goods, and other customs matters including non- preferential origin; (g) promoting strong and efficient intellectual property rights enforcement by customs authorities, regarding imports, exports, re-exports, transit, transshipments, and other customs procedures, and in particular regarding counterfeit goods; and (h) improving the security, while facilitating trade, of sea-container and other shipments from all locations that are imported into, trans-shipped through, or transiting Korea or Peru. The Parties agree that the objectives of the intensified and broadened cooperation include, but are not limited to: (i) working together to reinforce the customs- related aspects for securing the logistics chain of international trade; and (ii) coordinating positions, to the extent possible, in any multilateral fora where issues related to container security may be appropriately raised and discussed.

  • Uniform Customs and Practices The Issuing Lender may have the Letters of Credit be subject to The Uniform Customs and Practice for Documentary Credits, as published as of the date of issue by the International Chamber of Commerce (the "UCP"), in which case the UCP may be incorporated therein and deemed in all respects to be a part thereof.

  • Letter of Credit Procedures 30 2.4.1 Issuance of Letters of Credit................................30 2.4.2 Participations in Letters of Credit..........................31 2.4.3 Reimbursement Obligations....................................31 2.4.4 Limitation on the Issuer's Obligations.......................32 2.4.5 Funding by Banks to the Issuer...............................32 2.5 Pro Rata Treatment..................................................33 2.6 Warranty............................................................33 2.7 Conditions..........................................................33 2.8 Commitments Several.................................................34 2.9 Payments by the Banks to the Agent..................................34

  • Supplementary labour (a) If the Employer wishes to engage supplementary labour to perform work performed by its Employees under this Agreement, the Employer must first consult in good faith with the affected Employees. (b) Following consultation and subject to this clause, the decision whether to engage supplementary labour is a decision of the Employer alone. Any dispute as to the application of this clause will be dealt with under the disputes settlement procedure under clause 10 of this Agreement. The Employer will ensure that all supplementary labour is engaged on lawful terms and conditions.

  • Elementary School At the request of the Superintendent, elementary school teachers that teach all the student contact time on a daily basis will be paid for an additional hour at an hourly rate based upon their contractual daily rate of pay for a maximum of 180 days. Teachers will not be required to spend additional time beyond their regular day. All scheduling options must have been exhausted before an administrator will receive permission for this variance. The appeal process for this variance is defined in the Staffing Plan.

  • Elementary Schools A. Each classroom shall have one text per child when the subject is being taught. Future textbook adoptions will include appropriate supplementary materials when those materials are recommended by the adoption committee. Any consumables or supplementary materials adopted shall be distributed according to the committee’s recommendation prior to implementing the adoption. When adopted, consumables, such as workbooks, will be distributed to each child before required usage of the materials. The joint Curriculum Committee shall be consulted prior to the discontinuance of such materials. (See Article XXVI). Newly employed teachers and all teachers who transfer to a new teaching assignment will be provided appropriate desk top supplies and Board adopted curriculum materials. If a teacher is transferring into a newly created classroom, appropriate furniture will be provided. The parties have agreed to an inventory (reference Appendix Z) of supplies, materials, and furniture. A teacher who is not provided the core inventory by September 1 or within thirty (30) days of assignment shall be entitled to appeal directly through the Federation to the appropriate Transformational Leader or his/her designee. B. Each child found to be without adequate health care, where immediate medical attention is needed, shall be referred by the Board to the appropriate social agency upon notification by the teacher. The teacher shall receive written confirmation of the referral within ten (10) school days. C. No teacher shall be required to supervise or be present in the dining area during a local, state or federal breakfast or lunch program. Such instructional time used for said programs shall be considered planning time for the teacher, at a place of his/her choice, within the building. D. No elementary teacher shall be assigned to teach in an area outside his/her certification, subject to Article IV, G- 4. E. Cafeteria duty shall be voluntary when service is performed by a teacher. F. No bus or other additional duties shall be assigned to an elementary teacher outside the six hour and fifteen minute duty day. G. Elementary teachers shall not be required to be present when other teachers are responsible for presenting materials to the class. If a demonstration lesson is requested by the teacher, he/she will be required to be present. Such requests shall be initiated by the teacher. H. Teachers in bilingual classes shall be capable of teaching in both languages when those bilingual teachers can be found. Volunteers, paraprofessionals or casual employees shall be prohibited from supplanting a teacher in bilingual or ESL programs. However, a paraprofessional ELDP tutor may be used to work under the direction of a regular teacher in the bargaining unit to assist those students who need reinforcement in English for less than a full class day. Regular contract teachers who will agree to obtain certification for bilingual or ESL classes shall be employed or used when teachers with fluency in two or more languages cannot be found. Consultants in these programs shall not replace or displace a teacher. I. Student test results for each elementary school shall be made available on a timely basis for achievement and other Ohio mandated tests and standardized tests when administered. J. When a teacher transfers, a three (3) day notice shall be given when possible. Two

  • Documentary Evidence For purposes of this Annex I, acceptable documentary evidence includes any of the following: 1. A certificate of residence issued by an authorized government body (for example, a government or agency thereof, or a municipality) of the jurisdiction in which the payee claims to be a resident. 2. With respect to an individual, any valid identification issued by an authorized government body (for example, a government or agency thereof, or a municipality), that includes the individual’s name and is typically used for identification purposes. 3. With respect to an Entity, any official documentation issued by an authorized government body (for example, a government or agency thereof, or a municipality) that includes the name of the Entity and either the address of its principal office in the jurisdiction (or U.S. Territory) in which it claims to be a resident or the jurisdiction (or U.S. Territory) in which the Entity was incorporated or organized. 4. With respect to a Financial Account maintained in a jurisdiction with anti-money laundering rules that have been approved by the IRS in connection with a QI agreement (as described in relevant U.S. Treasury Regulations), any of the documents, other than a Form W-8 or W-9, referenced in the jurisdiction’s attachment to the QI agreement for identifying individuals or Entities. 5. Any financial statement, third-party credit report, bankruptcy filing, or U.S. Securities and Exchange Commission report.

  • Customs Valuation The Parties shall determine the customs value of goods traded between them in accordance with the provisions of Article VII of the GATT 1994 and the WTO Agreement on Implementation of Article VII of the GATT 1994.

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