INDEMNITY LETTER
The Undersigned (‘the Client’)
And: Velocitymoney™ (‘the (VM/Bank)’);
whereas: the Client has requested the (VM)to use the mediums mentioned below for giving instructions from the Client to the (VM/Bank) being telephone, telefax, telex, e-mail and, Swift system.
Have agreed as follows:
1. The use of the Velocitymoney™, telex, telefax, e-mail, Swift system and/or telephone as means of communication for giving instructions to the (VM/Bank) shall be entirely for the risk of the Client, except in the case of gross negligence or wilful misconduct by the (VM/Bank).
The (VM/Bank) shall have no liability for any failure to execute an instruction transmitted by telefax or telex until and unless the (VM/Bank) has acknowledged receipt of such telefax or telex, as well as verified the identity of the Client towards the Client.
The (VM/Bank) shall have no liability for any failure to execute an instruction transmitted by e-mail until and unless the (VM/Bank) has acknowledged to the Client receipt of such e-mail by return mail, as well as verified the identity of the Client towards the Client.
The (VM/Bank) shall have no liability for any failure to execute an instruction transmitted by Swift until and unless the (VM/Bank) has acknowledged receipt of such Swift message, as well as verified the identity of the Client towards the Client, or the intermediate used by the Client to send the Swift message.
The (VM/Bank) will not be liable for any failure to execute an instruction transmitted by any of the communication methods mentioned above and send by or through an intermediate (third party), nor for any errors or mistakes made in the instruction by such intermediate (third party). Should there be any indistinctness, ambiguity or other uncertainty in the contents of any of such telex, telefax, e-mail, Swift message or telephone message, or the identity of the person from which such message originates, the (VM/Bank) shall be entitled to construe and execute such instruction in the manner in which it has been perceived by the (VM/Bank). The (VM/Bank) shall not be under any obligation to verify or investigate the accuracy or validity of an instruction transmitted by telefax, telex, e-mail, Swift system or telephone. In particular, the Client assumes the risk of instructions given by unauthorised persons.
2. The (VM/Bank) has the right to refuse the execution of the payment orders in the following cases:
- - incomplete or missing information
- - default or withdrawal of an authorisation
- - fraud
- - insufficient balances/ funds
3. In case of doubt, as a precaution the (VM/Bank) may, without any responsibility whatsoever, refuse to execute the Clients instructions, or part thereof. In such case, the (VM/Bank) will inform the Client that the instruction is not going to be executed; The (VM/Bank) shall not be liable for any loss or damage caused by any delay in the execution of the instruction of the client or the refusal to execute the instructions of the Client.
4. The Client undertakes to indemnify the (VM/Bank) against all actions, claims and demands made against the (VM/Bank) by third parties, and all losses, damages and expenses whatsoever which the (VM/Bank) may incur or sustain or for which the (VM/Bank) may become liable by reason either directly or indirectly connected with the issue and/or execution of instructions given by telex, telefax, e-mail, Swift system or telephone;
5. The Client’s proxyholders if any may also give all instructions on the Client’s behalf provided that they have an individual signing authority;
6. This agreement may be terminated at any time by either the Client or the (VM/Bank) by registered mail to the latest address which the Client and the (VM/Bank) have designated to each other, the termination of this agreement will come into force after confirmation of receipt of the registered mail by the counterparty;
7. To the extent the present indemnity letter conflicts with the General Terms and Conditions of the (VM/Bank) and/or with other contractual instruments binding on the Client and the (VM/Bank), the present indemnity letter shall prevail.
Otherwise the General Terms and Conditions of the (VM/Bank), of which the Client hereby confirms to have received a copy and such other contractual instruments, shall remain in full force and effect.
Any subsequent agreement deviating from the terms hereof shall only be proven by a written agreement signed by the (VM/Bank).
8. This agreement shall be governed by the laws of the constituting financial institution and (VM/Bank). Any disputes arising from this agreement shall be submitted to the court in the residing jurisdiction of the client. The (VM/Bank) shall not be restricted in bringing any suit or action in any other court of competent jurisdiction.
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