Lost Drafts and Cheques Sample Clauses

The Lost Drafts and Cheques clause outlines the procedures to follow if a draft or cheque issued under an agreement is lost, stolen, or destroyed before it is cashed or deposited. Typically, this clause allows the payee to request a replacement instrument, often requiring the payee to provide an indemnity or affidavit to protect the issuer from potential double payment. Its core function is to ensure that payment obligations can still be fulfilled despite the loss of negotiable instruments, while also protecting the issuer from financial risk.
Lost Drafts and Cheques. In the event a draft or cheque issued or sold by AFEX on behalf of Client is not received by the Beneficiary for any reason, Client agrees to notify AFEX as soon as Client becomes so aware. Upon notification to AFEX of the Beneficiary’s non-receipt, AFEX will use reasonable efforts to place a recall or stop payment on the instrument as soon as practicable. Client agrees to indemnify AFEX against any Losses incurred as a result of the stop payment or recall request. If AFEX determines that the draft or cheque has been redeemed, AFEX shall be under no obligation to issue a refund or replacement. If AFEX determines that the draft or cheque has not been redeemed and a stop payment or recall has been successful, AFEX may issue a refund or issue a replacement. In such event, Client agrees to take all reasonable steps to ensure no attempt is made to redeem the original draft or cheque and, if found, it is returned to AFEX. If Client recovers such draft or cheque, Client shall hold it in trust for AFEX.
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Lost Drafts and Cheques. In the event a draft or cheque issued or sold by Cambridge on behalf of Client is not received by the Beneficiary for any reason, Client agrees to notify Cambridge as soon as Client becomes so aware. Upon notification to Cambridge of the Beneficiary’s non-receipt, Cambridge will use reasonable efforts to place a recall or stop payment on the instrument as soon as practicable. Client agrees to indemnify Cambridge against any Losses incurred as a result of the stop payment or recall request. If Cambridge determines that the draft or cheque has been redeemed, Cambridge shall be under no obligation to issue a refund or replacement. If Cambridge determines that the draft or cheque has not been redeemed and a stop payment or recall has been successful, Cambridge may issue a refund or issue a replacement. In such event, Client agrees to take all reasonable steps to ensure no attempt is made to redeem the original draft or cheque and, if found, it is returned to Cambridge. If Client recovers such draft or cheque, Client shall hold it in trust for Cambridge.
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Related to Lost Drafts and Cheques

  • Lost Checks Any paycheck that is lost after receipt or that is not delivered within seven (7) days of mailing, shall be replaced not later than five (5) working days following the unit member's written request to the Payroll Department for replacement of the check. For unit members who have automatic deposit, any pay warrant not deposited on the date of the automatic deposit shall be replaced not later than three (3) working days following the unit member’s written request to the Payroll Department for replacement of the check.

  • Payment of Checks, Drafts and Orders Subject to Section 9.5, the Assuming Institution agrees to pay all properly drawn checks, drafts and withdrawal orders of depositors of the Failed Bank presented for payment, whether drawn on the check or draft forms provided by the Failed Bank or by the Assuming Institution, to the extent that the Deposit balances to the credit of the respective makers or drawers assumed by the Assuming Institution under this Agreement are sufficient to permit the payment thereof, and in all other respects to discharge, in the usual course of conducting a banking business, the duties and obligations of the Failed Bank with respect to the Deposit balances due and owing to the depositors of the Failed Bank assumed by the Assuming Institution under this Agreement.

  • Checks, Drafts, etc All checks, drafts or other orders for payment of money, notes or other evidences of indebtedness, issued in the name of or payable to the Company, shall be signed or endorsed by such person or persons and in such manner as shall be determined from time to time by resolution of the Board.

  • Dishonored Checks The Transfer Agent may receive any fees reasonably related to the cost incurred by the Transfer Agent when a shareholder purchases shares by check and the purchase is subsequently canceled because the check was dishonored by the shareholder’s bank.

  • Lost or Stolen Checks The Transfer Agent will replace lost or stolen checks issued to shareholders upon receipt of proper notification and will maintain any stop payment orders against the lost or stolen checks as it is economically desirable to do.