03/18/85 Board of Public Works Minutes

Home Browse Search

REGULAR MEETING MARCH 18, 1985 1 I nor any of the correspondents, agents or sub- agents shall be liable for loss due to errors, multilations, loss or delays in transmission or due to any act or decree, legal or illegal, of any government or governmental agency, or due to any other cause beyond the reasonable control of lst Source Bank, any of the selected correspondents, agents or sub -agents, or due to the failure of the beneficiary of any transfer order to make demand for payment of the proceeds thereof within a reasonable time after the issuance of such transfer, or due to the failure of any correspondent, agent or sub -agent to identify the person receiving payment of this transfer. Each and all of the foregoing risks are expressly assumed by the Corporation. Further- more, lst Source Bank's liability under this agree- ment shall extend only to the Corporation. The Corporation agrees to indemnify and to hold the Bank harmless from any and all claims for damages and losses made by any party or parties dealing with the Corporation. Such indemnity shall include all costs and expenses, including but not limited to reasonable attorney's fees, and shall apply to lst Source Bank, its officers and its employees. 5. The Corporation agrees that the following recognition procedures shall be followed: (a) Nonrepetitive requests shall be in accordance with the terms and conditions of this Agreement. (b) Requests for repetitive transfers of funds from an account of the Corporation at lst Source Bank to another account at lst Source Bank or to or for the benefit of the Corporation in an account at another bank, will be in accordance with the Corporation's letter instructions designating the account to be charged and other details necessary to complete such transfers, when made by any of the persons authorized by the Corporation as provided herein. The same confirmation procedure stated in paragraph three above shall apply here. 6. lst Source Bank's liability, if any, for negligence, acts of omission or otherwise, shall be limited to lst Source Bank's making a proper transfer of funds in accordance with the Corporation's transfer order. The bank shall not be liable for any other direct actual damages, general, punitive, special, consequential or incidental damages arising from the Bank's acts. 7. Also, the Corporation understands and acknowledges that it is the Corporation's responsibility to promptly inform the Bank in writing whenever there are deletions from or additions to the lists or persons authorized to order or confirm fund transfers, or to the Corporation's special instructions. Further, it is expressly under- stood and agreed that until the Bank is in receipt of a new authorization list changing persons authorized to order or confirm fund transfers, it will continue to act pursuant to designations as indicated on the authorization lists. "Receipt" is defined to mean that time when written notice of any additions or deletions to the Corporation's list of persons authorized to order or confirm fund transfers, special instructions, or a new authorization list is received by the Bank's wire transfer department and such wire transfer department has an opportunity to act upon such documents.