Template:GTMA Master Agreement 2004 2.2: Difference between revisions
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{{gtmaprov|2.2.2}} If the {{gtmaprov|Buyer}} is satisfied that the {{gtmaprov|Confirmation}} accurately reflects the terms of the {{gtmaprov|Transaction}}, the {{gtmaprov|Buyer}} shall return the {{gtmaprov|Confirmation}} to the {{gtmaprov|Seller}} within 2 {{gtmaprov|Banking Day}}s of receipt of the {{gtmaprov|Confirmation}}.<br> | {{gtmaprov|2.2.2}} If the {{gtmaprov|Buyer}} is satisfied that the {{gtmaprov|Confirmation}} accurately reflects the terms of the {{gtmaprov|Transaction}}, the {{gtmaprov|Buyer}} shall return the {{gtmaprov|Confirmation}} to the {{gtmaprov|Seller}} within 2 {{gtmaprov|Banking Day}}s of receipt of the {{gtmaprov|Confirmation}}.<br> | ||
{{gtmaprov|2.2.3}} If the {{gtmaprov|Buyer}} is not so satisfied, the {{gtmaprov|Buyer}} shall inform the {{gtmaprov|Seller}} of any inaccuracies within 2 {{gtmaprov|Banking Day}}s of receipt of the {{gtmaprov|Confirmation}}. If the {{gtmaprov|Seller}} agrees that the {{gtmaprov|Confirmation}} is inaccurate, the {{gtmaprov|Seller}} shall issue a new {{gtmaprov|Confirmation}} and the provisions of clauses 2.2.1 and 2.2.2 shall apply with all necessary changes.<br> | {{gtmaprov|2.2.3}} If the {{gtmaprov|Buyer}} is not so satisfied, the {{gtmaprov|Buyer}} shall inform the {{gtmaprov|Seller}} of any inaccuracies within 2 {{gtmaprov|Banking Day}}s of receipt of the {{gtmaprov|Confirmation}}. If the {{gtmaprov|Seller}} agrees that the {{gtmaprov|Confirmation}} is inaccurate, the {{gtmaprov|Seller}} shall issue a new {{gtmaprov|Confirmation}} and the provisions of clauses 2.2.1 and 2.2.2 shall apply with all necessary changes.<br> | ||
{{gtmaprov|2.2.4}} If the {{gtmaprov|Buyer}} has not received a {{gtmaprov|Confirmation}} from the {{gtmaprov|Seller}} within 2 {{gtmaprov|Banking Day}}s of a {{gtmaprov|Transaction}} having been entered into, the {{gtmaprov|Buyer}} shall send to the {{gtmaprov|Seller}} a {{gtmaprov|Confirmation}}, and clauses 2.2.2 and 2.2.3 shall apply in relation to that {{gtmaprov|Confirmation}} by replacing all references to | {{gtmaprov|2.2.4}} If the {{gtmaprov|Buyer}} has not received a {{gtmaprov|Confirmation}} from the {{gtmaprov|Seller}} within 2 {{gtmaprov|Banking Day}}s of a {{gtmaprov|Transaction}} having been entered into, the {{gtmaprov|Buyer}} shall send to the {{gtmaprov|Seller}} a {{gtmaprov|Confirmation}}, and clauses 2.2.2 and 2.2.3 shall apply in relation to that {{gtmaprov|Confirmation}} by replacing all references to “{{gtmaprov|Buyer}}” with “{{gtmaprov|Seller}}” and all references to “{{gtmaprov|Seller}}” with “{{gtmaprov|Buyer}}” in those clauses and by replacing the reference to “2 {{gtmaprov|Banking Day}}s” with “4 {{gtmaprov|Banking Day}}s”.<br> | ||
{{gtmaprov|2.2.5}} Failure by either {{gtmaprov|Party}} to send or return a {{gtmaprov|Confirmation}} shall not: (a) affect the validity or enforceability of any {{gtmaprov|Transaction}}; or (b) be a material breach of {{gtmaprov|Agreement}} under clause {{gtmaprov|12.1.5}}.<br> | {{gtmaprov|2.2.5}} Failure by either {{gtmaprov|Party}} to send or return a {{gtmaprov|Confirmation}} shall not: (a) affect the validity or enforceability of any {{gtmaprov|Transaction}}; or (b) be a material breach of {{gtmaprov|Agreement}} under clause {{gtmaprov|12.1.5}}.<br> | ||
Latest revision as of 18:04, 17 September 2016
2.2 Exchange of Written Confirmations
2.2.1 Unless otherwise agreed, the Seller shall send to the Buyer by facsimile (or such other means, if any, specified in Schedule 2) a Confirmation recording the details of the Transaction within 2 Banking Days of a Transaction having been entered into.
2.2.2 If the Buyer is satisfied that the Confirmation accurately reflects the terms of the Transaction, the Buyer shall return the Confirmation to the Seller within 2 Banking Days of receipt of the Confirmation.
2.2.3 If the Buyer is not so satisfied, the Buyer shall inform the Seller of any inaccuracies within 2 Banking Days of receipt of the Confirmation. If the Seller agrees that the Confirmation is inaccurate, the Seller shall issue a new Confirmation and the provisions of clauses 2.2.1 and 2.2.2 shall apply with all necessary changes.
2.2.4 If the Buyer has not received a Confirmation from the Seller within 2 Banking Days of a Transaction having been entered into, the Buyer shall send to the Seller a Confirmation, and clauses 2.2.2 and 2.2.3 shall apply in relation to that Confirmation by replacing all references to “Buyer” with “Seller” and all references to “Seller” with “Buyer” in those clauses and by replacing the reference to “2 Banking Days” with “4 Banking Days”.
2.2.5 Failure by either Party to send or return a Confirmation shall not: (a) affect the validity or enforceability of any Transaction; or (b) be a material breach of Agreement under clause 12.1.5.