S ettlement Extension Clause Samples
A Settlement Extension clause allows the parties involved in a transaction to extend the deadline for completing the settlement process. Typically, this clause outlines the conditions under which an extension can be requested, such as unforeseen delays or mutual agreement, and may specify the maximum allowable extension period. By providing a structured mechanism for extending settlement timelines, this clause helps prevent breaches of contract due to unavoidable delays and ensures that both parties have clarity and flexibility in managing the settlement process.
S ettlement Extension. In the event WALLEX fails to receive Settlement on or before Value Date, WALLEX may, without the consent of Client, amend the originally agreed upon Value Date to the immediately subsequent Business Day (“Settlement Extension”). Client shall pay WALLEX any Losses incurred as a result of a difference between the value of the Order on the originally agreed upon Value Date and the prevailing market rate on the subsequent Business Day. WALLEX reserves the right to extend the settlement date of an Order as often as needed prior to its receipt of past due Settlement. At any time prior to the Value Date, Client may request WALLEX to extend the Value Date to a future Business Day (“Settlement Extension Request”). Client must have an underlying business purpose for each Settlement Extension Request. All Settlement Extension Requests are subject to the approval of WALLEX. WALLEX may decline a Settlement Extension Request in its sole discretion for any reason. In the event of WALLEX’s acceptance of a Settlement Extension Request, Client agrees to pay to WALLEX on demand within one (1) clear Business Day the amount of any and all Losses incurred by WALLEX and any fee assessed by WALLEX to Client in connection with its fulfilment of the Settlement Extension Request.