Common use of Wrongful Honor Clause in Contracts

Wrongful Honor. It shall constitute wrongful honor by Bank if Bank pays an Exception Item submitted in a timely and un-revoked Return Items File.

Wrongful Honor. It shall constitute wrongful honor by the Bank if the Bank pays an Exception Item submitted listed in a timely Exception Item report unless: (a) Company issued a “Pay” decision, or (b) Company did not work exception by cutoff time and un-revoked Return Items Filethe Bank processed the item as “Pay”. In the event that there is a wrongful honor: (1) The Bank shall be liable to the Company for the lesser of the amount of the wrongfully paid Exception Item or the Company’s actual damages resulting from the Bank’s payment of the Exception Item.

Wrongful Honor. It shall constitute wrongful honor by Bank BANK if Bank BANK pays an Exception Item submitted listed in a timely Exception Item report unless: (a) COMPANY issued a “pay” decision, or (b) COMPANY selected the pay default option and un-revoked Return Items Filedid not issue a “return” decision. In the event that there is a wrongful honor: (1) BANK shall be liable to COMPANY for the lesser of the amount of the wrongfully paid Exception Item or the COMPANY’s actual damages resulting from the BANK’s payment of the Exception Item.