Common use of Liability of Customer Clause in Contracts

Liability of Customer. In addition to the liability provision under section 8.3 of this Agreement, unless otherwise required by applicable law, Customer shall be liable for any loss or damage resulting from Customer’s breach of this Agreement or to which Customer’s negligence contributed, or which resulted from unauthorized, fraudulent, or dishonest acts by Customer’s current and/or former Authorized Personnel. Such liability includes instances when a current or former Authorized Personnel affects one or more wire transfers to Customer’s detriment. Such liability also includes instances when Authorized Personnel initiates a Wire Request outside the scope of section 5.5 or our standard process set forth herein, in which case the Customer waives the applicable portion of the Security Procedure and Wire Security Procedure noted herein and acknowledges that any additional verifications that the Bank requires and any internal policies, procedures and technologies that Bank employs, even though they are not specifically set forth in this Agreement, shall be deemed commercially reasonable.