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Habib Metropolitan Bank Limited Gulshan-E-Maymarkarachi

Habib Metropolitan Bank Limited has entrusted an instrument to the bank for collection from the drawee bank at their risk and cost. The bank agrees to collect the proceeds but makes clear that the credit will be provisional until final confirmation is received. Further, the bank explains that under foreign laws, the drawee bank can return the instrument at any time, in which case the customer's account will be debited to reimburse the bank. The customer also agrees to indemnify and reimburse the bank for any losses incurred in handling the collection.

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Asad Muhammad
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87 views1 page

Habib Metropolitan Bank Limited Gulshan-E-Maymarkarachi

Habib Metropolitan Bank Limited has entrusted an instrument to the bank for collection from the drawee bank at their risk and cost. The bank agrees to collect the proceeds but makes clear that the credit will be provisional until final confirmation is received. Further, the bank explains that under foreign laws, the drawee bank can return the instrument at any time, in which case the customer's account will be debited to reimburse the bank. The customer also agrees to indemnify and reimburse the bank for any losses incurred in handling the collection.

Uploaded by

Asad Muhammad
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOC, PDF, TXT or read online on Scribd
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Habib Metropolitan Bank Limited


Gulshan-e-MaymarKarachi
Dear Sir,
We have entrusted to you an instrument, fully described in the schedule hereto, for collection
from the drawee bank at our risk and cost.
In consideration of your having agreed to collect the proceeds of the said instrument from the
drawee bank on our behalf, I/We hereby irrevocably and unconditionally agree, undertake and
confirm as follows:1. The said instrument may be forwarded by you to your correspondent bank in any foreign
country for the purposes of presentation to the drawee bank and collecting the proceeds
thereof, if honored. All costs in respect of the same will be reimbursed by me/us to you
and I/We hereby irrevocably authorize you to debit my/our account with you for the
same.
2. You may, at your absolute and unfettered discretion, credit the net value of the said
instrument to my/out account at any time and I/we agree and confirm that such credit will
always be provisional pending final confirmation from the drawee bank/your
correspondent bank that the same has been finally and irrevocably honoree.
3. I/we fully understand and accept that under the law and banking usage in United States of
America and other foreign countries a drawee bank in entitled to return any instrument
sent to if for collection at any time without any limit as to the period for such return and
debit your account for the proceeds of the same. In the event, of any such instrument
being returned, for any reason whatsoever, and your account being debited as aforesaid,
I/we hereby irrevocably and unconditionally authorize you to debit my/our account to
reimburse yourselves for the amount of such debit to your account as aforesaid.
4. In the event of balance in my/our account being insufficient to enable you to raise debit
as aforesaid. I/We hereby jointly and severally agree and undertake to indemnify you and
keep you always indemnified, saved and harmless against any loss which you may suffer
or incur on that account or otherwise howsoever and hereby further irrevocably authorize
you to debit my/our account maintained with any branch of your Bank to reimburse
yourselves for any such debit to your account of for any other loss which you may suffer
or incur on account of handling this collection on my/our behalf.

__________________________
Signature of the account holders
Account No___________________
Name:________________________
Address _______________________
Ref:

WITNESSES:Name : --------------------------------------CNIC:---------------------------------------Address :--------------------------------------------------------------------------

Name :--------------------------------------CNIC:---------------------------------------Address :----------------------------------------------------------------------

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