Common use of Agreed Variations Clause in Contracts

Agreed Variations. Where it has been mutually agreed between the Account Holder/cardmember to change the Agreement, the Bank will disclose details of the change before it takes effect unless the law provides an exemption. This includes where agreed changes are made to an Agreement because of a hardship application. In some limited circumstances, the Bank can choose to disclose the change to the Account Holder/Cardmember when providing the next continuing disclosure statement, or within 5 working days of the date that the change takes effect. The limited circumstances are when the change: (a) reduces the Account Holder’s/cardmember’s obligations; (b) gives the Account Holder/cardmember more time to make a payment; (c) releases some or all of a security; or (d) increases or decreases the credit limit.