Remittance under this Agreement shall be made by this Bank according to its customary procedure, including sending any message relative to the remittance in explicit language, code or cipher, through any telegraphic, cable or radio establishment that it might choose; and this Bank shall have absolute discretion on behalf of the Applicant, to avail of the services of agents, correspondents, etc. but in no case shall this Bank or any of its agents, etc., be liable for errors, neglect, defaults, accidents, or delays that may occur in the transmission of the relative message, in the mails or postal service, including misinterpretation of the message by the receiving party/ies, or for any act, omission or negligence of any telegraphic, cable or wireless company, or any of their employee/s, or for any cause beyond the control of this Bank or its correspondents.
The Applicant agrees to jointly and severally pay the Bank on demand for the commission charges and all other expenses, regardless of their nature (including but not limited to out-of-pocket expenses), incurred or sustained by the Bank in connection with the transaction, it being understood further in all cases, that the commission or any other expenses which might be charged by the foreign correspondent bank, or accepted under this transaction is a charge of commission at the rate of exchange the Bank may fix, apart and distinct from the above mentioned charges of commission, and shall be paid by the Applicant on demand.
Refund, if requested by the Applicant, may be made at the discretion of this Bank, but only if, and after, this Bank has received confirmation of effective cancellation of the remittance, and after receipt by the Bank of the reimbursement from the correspondent bank and, in case of funds already converted, refund may be made at the rate which this Bank may fix, less all expenses incurred by it, its correspondents and agents.
EXTENT OF LIABILITY:
In case the Bank is adjudged liable for damages arising from any delay, error or omission in effecting payment of telegraphic transfer, the Bank shall be liable only up to the value of the telegraphic transfer but in no case to exceed P10,000.00, Philippine Currency.
The herein Applicant represents and warrants that: all the information it will indicate on each and every Telegraphic Transfer Application Form (TTAF) that it will submit to the Bank are true and accurate to the best of its knowledge; the funds subject to the TTAF requests originate from bona fide transactions, the Applicant has the requisite power and corporate authority to execute and deliver this Agreement and perform its obligations incorporated herein; such execution, delivery and performance do not and will not contravene any provision of its Articles of Incorporation, By-Laws, any agreements or instruments to which it is a party or any laws or regulations of any govermental authority; the beneficiary is an existing person or entity and that this transaction involves funds that will be used for legal purposes. If there is a reasonable ground to suspect that said transactions are being used to launder funds of illigitimate origin or for any other illegal activity, then the Applicant shall notify the Branch Head in writing. The Bank reserves the right to refuse the application of the Applicant for any reason, including but not limited to not servicing the request of the Applicant if the Bank has reason to believe that the transaction involves or is related to illegal activity.
The Applicant hereby acknowledges the right of the Bank to execute its payment instructions only upon debit of its account to cover the amount of the remittance and the banks' charges and holds the Bank, its officers, employees, agents, representatives, and assigns free and harmless from any liability whatsoever for any delay or non-execution of remittance instruction due to lack of funds in the account.
Should the requested transaction be incapable of being performed by the Bank in the manner instructed by the Applicant, without the Bank disclosing details about the Applicant and/or the Applicant's account's (i.e. including but not limited to fund transfer, payments and/or remittance), the execution and completion of this Application form shall be deemed as the Applicant's express authority to the Bank to make such disclosure within the terms of the applicable regulation and without any need for any prior notice or further consent or documentation. By the foregoing authority, the Bank shall not be in violation of any of the secrecy laws for making such disclosures.
Any and all taxes, charges, or assessments of whatever kind or nature to which this document or the transaction referred to herein at anytime or in the future may be subject, shall be for the sole and exclusive account of the Applicant.
This form is a proprietary product of Security Bank Corporation intended for its sole use. Any unauthorized review, alteration, amendment, use, disclosure, distribution, importation, removal, alteration, substitution, modification, storage, uploading, downloading, communication, making available to the public, or broadcasting of this material without the consent and knowledge of Security Bank Corporation is prohibited and is punishable by a fine and/or imprisonment under Republic Act No. 8792, otherwise known as the Electronic Commerce Act.