Common use of Unauthorized instructions Clause in Contracts

Unauthorized instructions. 6.1 Provided that the Customer has ensured that all the security procedures described in the terms herein have been faithfully observed, he shall not be responsible or liable for any instruction that is not authorized by him but is given using his Password if: (a) such instruction is given after the Customer has notified the Company that he has discovered or suspects that his Password is disclosed or otherwise made known to unauthorized third party(ies) in accordance with the terms herein; or (b) the Password of the Customer has become known to the person giving the unauthorized instruction as a result of the Company’s failure to comply with the terms herein or any negligence or wilful default on its part. 6.2 The Customer shall be solely responsible for ensuring the accuracy, adequacy and completeness of all instructions given by him via the Tele-services. The Company shall be under no obligation to verify the accuracy, adequacy and completeness of the instructions from the Customer. Without limiting the scope of anything in this section, unless it is directly caused by gross negligence or wilful default on the part of the Company, the Company shall not be liable for any loss or damage to the Customer as a result of: (a) the Customer’s instructions to transfer the available credit limit or any part thereof being inaccurate, inadequate or incomplete in any manner; or (b) any failure, refusal, delay or error by any third party through whom any such fund transfer is to be made to transfer the funds to or to credit the account of the intended payee. 6.3 The Customer shall be liable for all losses and liabilities whatsoever due to unauthorized use if he has acted fraudulently or with gross negligence or if he is in default of any of the security obligations or the notification requirements described in the terms herein.