Letter of Authority & Indemnity
[For Transaction Instructions and Exchange of Information through Email and/or Fax]
Date:
Head of Corporate Banking
___________Branch
__________________________
Dear Sir,
This is with reference to the Manually Initiated Transaction Facility (the “Facility”) provided by BRAC Bank Ltd. (The “Bank”), whereby our company can give the Bank authority and indemnity for acting on instructions/communications (the “Instructions”) by email and/or fax for execution of fund transfers, issuance of Pay Orders, Demand Drafts, Letters of Credit, Letters of Acceptance, Endorsement of Documents, Loan Adjustments & Disbursements and/ or other related transaction instructions as per following details;
Company name: _________________________
| Sl No. | Account Number |
|---|---|
We authorize your bank to accept transaction requests and/or instructions from our following telefax number(s) and/ or email ID(s) of our designated employees:
Telefax Numbers:
Email ID with Employee Details:
| SL | Name of Employee | Designation | Contact Number | Email ID |
|---|---|---|---|---|
Notwithstanding
the terms on any existing or future mandate or other agreement or course of
dealing between your Bank and us, we, the undersigned hereby request and
authorize the Bank (but the Bank is not obliged) to act on any INSTRUCTION for
any purpose (including but not limited to the operation of all our accounts and
in respect of credit and/or other facilities or banking arrangements with the
Bank which may from time to time be given or purport to be given by facsimile
and email (any reference to an “email” in this Letter of Authority and
Indemnity shall include any instruction addressed to the Bank which has been
attached to an email). The Bank shall be entitled to treat such INSTRUCTION as
fully authorized by and binding upon us and the Bank shall be entitled (but not
bound) to take such steps in connection with or in reliance upon such notice or
instruction as the Bank may in good faith consider appropriate regardless of
the nature of the transaction or arrangement and notwithstanding any error or
misunderstanding or lack of clarity in the terms of such INSTRUCTION.
Confirmers:
We authorize you to make phone calls at your discretion to the following designated contact name and numbers for confirmation of instructions. At least two call back numbers and two contact names should be provided.
| Telephone Number | Name |
|---|---|
We understand, acknowledge and confirm our awareness of the numerous risks inherent and associated in conveying Instruction to the Bank via facsimile and email (including but not limited to damages incurred as a result of interception of any email, failure of any encryption of any attachment to an email, viruses within the machine or terminal, lack of clarity in the INSTRUCTION and any risks associated with the Bank processing a forged/tampered INSTRUCTION in good faith) and hereby confirm our acceptance of all risks and unconditionally agree that all risks shall be fully borne by us and the Bank will not be liable for any losses or damages arising as a consequence the Bank acting (without being obliged to) on any INSTRUCTION by us or purporting to be from us received by the Bank provided the Bank has acted in good faith.
In consideration of the Bank agreeing to the act on the INSTRUCTION (s), we agree, understand and undertake:
- that the Bank may (without being obliged to) require the INSTRUCTION to contain an identification code or test specified to the Bank from time to time and we shall ensure secrecy and security of such code or test and we shall be solely responsible for any improper use of such code or test;
- that the Bank requires it necessary to receive confirmation from us and we undertake to mail/courier, within 01 (one) working day from the date the fax and/or email with attached scan copy of transaction instruction is transmitted, the original signed transaction instruction(s) clearly marked as “Confirmation”, to avoid duplication;
- that the Bank will check to see that the telefax number appearing on the transmission header and/ or email ID appearing on the email is same as one of the above.
- We further confirm that we shall be bound by the contents of the fax & email transmitted to you, and that in the event of any discrepancy in the fax and email and in the original transaction instructions, the message as contained in the fax and email which shall be deemed to be the primary document evidencing our instructions and shall prevail;
- that the Bank will not be liable for any failure or delay in acting on any INSTRUCTION by reason of any breakdown or failure of transmission or communication equipment or facilities for whatsoever reason (including without limitation any misdirection of the INSTRUCTION within the Bank) for any reason or cause beyond the control of the Bank;
- that this indemnity covers all existing accounts with the Bank in addition to covering any future accounts which may be opened by the same legal entity with the Bank;
- that this Facility will be used for statutory payments like Customs Duty, Excise duty, Sales tax, Railway freight etc., favoring the Government, Bangladesh Bank and to other government organizations/undertakings, for transfers to other accounts maintained by us/our company with you or with any other bank, also to specific beneficiaries; LC related instructions like LC issuance, acceptance, amendment, advising, endorsement, retirement; and loan adjustment & disbursements requests from our own credit facility maintained with the Bank;
- to protect, defend, hold harmless, indemnify and keep the Bank and its shareholders, directors, employees and officers fully indemnified of, from and against any and all claims, losses, damages, liabilities, obligations, demands, penalties, actions, causes of action, proceedings, judgments, suits, costs and expenses of any kind (including legal costs) and howsoever arising which are imposed or may be imposed on, incurred or that may be incurred, asserted or which may be asserted against, suffered or that may be suffered by the Bank or be required to be paid by reason of or as a result of the Bank’s compliance with our INSTRUCTION;
- to fully, irrevocably and forever waive, release and discharge and relieve the Bank from any and all claims, obligations and rights whatsoever and howsoever arising, that we may have against the Bank (if any) by reason of or as a result of the Bank’s compliance with our INSTRUCTION;
- that we authorize the above mentioned employee(s) to use the E-mail provided to the Bank and agree to receive all incoming correspondences from the Bank via this email. Thus all messages received in this manner shall be deemed to have been received.
- that the Bank can send the account statements, reports, advices, swift messages and other communications related with transactions to the email IDs and/or Fax number(s) mentioned above.
- The Bank reserves the unconditional right to discontinue the availability of this Facility to us by issuing at least two weeks’ notice, either in writing or through e mail, forwarded to the address registered with the Bank;
- These presents shall be governed by the laws, regulations, decrees, administrative rules and orders valid in the Peoples Republic of Bangladesh and shall be subject to jurisdiction of Courts in Bangladesh exclusively;
I/We acknowledge the risks outlined in this indemnity and agree to indemnify the Bank and hold it harmless against any losses i/we might suffer as a consequence of signing this Indemnity.
(Authorized Signatory) (Authorized Signatory)
