Common use of MIFT Clause in Contracts

MIFT. The Client expressly acknowledges that it is aware that a MIFT increases the risk of error, security, privacy issues and fraudulent activities. If the Service Provider acts on a MIFT and complies with its security procedures (provided the Service Provider reasonably believes that such security procedures are commercially reasonable), the Client shall be responsible for any costs, losses and other expenses suffered by the Client or the Service Provider (other than those costs, losses and other expenses caused as a result of the Service Provider’s negligence, willful misconduct or bad faith).