Reliance on Identifying Number Sample Clauses
The 'Reliance on Identifying Number' clause establishes that a specific identifying number, such as an account, invoice, or order number, will be used as the primary reference for transactions or communications between parties. In practice, this means that all documents, payments, or correspondence must reference this number to ensure proper tracking and processing; for example, a payment may only be credited if the correct invoice number is provided. This clause helps prevent confusion or misapplication of information by ensuring that all parties consistently use the same identifier, thereby reducing administrative errors and disputes.
Reliance on Identifying Number. You agree that the Bank, and any bank or intermediary involved in processing your payment order, are entitled to rely on the account number and bank identification numbers provided by you without any obligation to look at the name of the beneficiary or bank which may also appear in the payment order, even if the number identifies a person different that the named beneficiary or bank. If you provide an incorrect account number or bank identifier for the recipient, the wire transfer may be misdirected, resulting in the loss of funds. You acknowledge and agree that we have no obligation to detect errors and no liability for any incorrect or missing information in your payment order.
Reliance on Identifying Number. If a Payment Order identifies an intermediary bank, the beneficiary's bank or the beneficiary by name and an account or other identifying number, the Bank may act solely on the basis of such number. You are responsible for full routing instructions. You agree that in executing any Payment Order the Bank may make use of any correspondents, intermediary banks, agents, sub-agents, funds-transfer and communications systems that the Bank deems reasonable under the circumstances. If a Payment Order designates an intermediary bank and/or funds- transfer system, you agree that, where appropriate, the Bank may select a different intermediary bank and/or funds-transfer system on your behalf and the Bank shall have no liability with respect to such selection. To the fullest extent permitted by law, correspondents, agents, sub-agents, systems or intermediary banks shall be deemed to be your agents and the Bank shall not be under any liability for any errors, negligence, suspension or default of any of them, all such risks being borne by you. With respect to Payment Orders involving transfers between accounts denominated in different currencies, the Bank may route the payment through an intermediary bank (which may be a member of the HSBC Group). The intermediary bank may (but is not obliged to) convert the payment from the currency of your account to the currency of the account of the beneficiary. If such conversion is made, it will be at a rate (chosen by the intermediary) which will be the prevailing market rate plus a margin. You agree that any rules or regulations of any ACH used to process your funds transfers, including the authorization, notice and disclosure requirements for debiting the account of a third party, shall be fully applicable to and binding upon you and that transfers may not be initiated that violate the laws of the United States. Funds transfers processed through ACH services may only be made pursuant to the applicable terms agreed between you and the Bank. Under the operating rules that are applicable to ACH payment transactions involving your commercial deposit account, the Bank is not required to give next day notice to you of receipt of an ACH or a RTP. The posting of such payments to your commercial deposit account(s) will be reflected in the periodic statements the Bank provides to you. The Bank will also not be obligated to notify you each time you are the recipient or beneficiary of an RTP or wire payment, other than to include the posti...
Reliance on Identifying Number. In processing Wire Transfers, Bank may rely on the account number or the number of the intermediary bank that Client specifies in the Payment Order even if the number identifies a different person or bank. In that instance, Client is obligated to pay Bank the amount of the transfer originated by Bank on the basis of that Payment Order.
Reliance on Identifying Number. You agree to be responsible for, and that we may rely on, the information contained in any payment order issued by you or on your behalf. You acknowledge that any beneficiary's bank and any receiving bank may pay or otherwise process payment orders based on the bank account or other identifying number of any bank, account or person contained in the payment order, even if it identifies a bank, account or person different from the bank, account or person identified by name. We (and any other receiving bank) may rely on the information contained in any payment order issued by you, including the account number or other identifying number of any bank, person or account, even if that number does not correspond to the bank, person or account identified by name.
Reliance on Identifying Number. You agree that the Bank, and any bank or intermediary involved in processing your payment order, are entitled to rely on the account number and bank identification numbers provided by you without any obligation to look at the name of the beneficiary or bank that may also appear in the payment order, even if the number identifies a person different than the named beneficiary or bank. If you provide an incorrect account number or bank identifier for the recipient, the wire transfer may be misdirected, resulting in the loss of funds. The Bank has no obligation to detect errors and no liability for any incorrect or missing information in your payment order. We have the right to reject, and refuse to accept, any payment order for any reason, including your failure to maintain a sufficient Collected Balance in an Account or failure to use the Security Procedures. We will have no liability to you based on such rejection or refusal. If we reject any payment order, we will attempt to notify you through a status report on one of our electronic information reporting systems or by other reasonable means within a reasonable period of time, but we will have no liability to you based on any failure or delay in providing such notice. We will also attempt to notify you if a wire transfer is returned to us, but we will have no liability to you based on any failure or delay in providing such notice. We are not obligated to re-send a wire transfer that is returned to us if we complied with the original payment order.