Common use of Cancellation of Payment Orders Clause in Contracts

Cancellation of Payment Orders. Customer shall have no right to cancel or amend a payment order after it has been received by Bank. However, Bank shall make a reasonable effort to act on Customer’s request for cancellation or amendment of a payment order prior to the time that the Bank executes such payment order, but shall have no liability if such cancellation or amendment is not affected.

Cancellation of Payment Orders. A payment order may be cancelled by Customer, provided the cancellation instruction is received by Bank at a time and in a manner affording Bank a reasonable opportunity to act prior to Bank's execution of the payment order. Notwithstanding the foregoing, if a security procedure is in effect between Customer shall have no right and Bank, the communication is not effective to cancel or amend a payment the order after it has been received by Bank. However, unless the communication is verified pursuant to the security procedure or Bank shall make a reasonable effort agrees to act on Customer’s request for the cancellation or amendment of a payment order prior to the time that the Bank executes such payment order, but shall have no liability if such cancellation or amendment is not affectedamendment.