Agreement for Collection of Bills

It is understood and agreed that having exercised due care in the selection of any correspondent to whom the above mentioned items may be sent for collection you shall not be responsible for any act, omission, default, suspension, insolvency or bankruptcy of any such correspondent or sub-agent thereof, or any delay in remittance, loss in exchange or loss of item or its proceeds during transmission or in the course of collection, until such time as actual payment shall have come into your possession. You shall have full recourse against us and we undertake to reimburse you for any advances made in anticipation of collection as well as all disbursements made in effecting the same.

We irrevocably and unconditionally undertake and agree that where any goods and services tax or other taxes levies or charges whatsoever are now or hereafter required imposed or enforced by law (including Goods and Services Tax Act 1993) or required to be paid on or in respect of any monies (including fees payable to the Bank or its agent banks or any fees costs and expenses incurred by the Bank or its agent banks) shall be borne by or chargeable to us and payable by us to the Bank on demand in addition to all other monies payable to the Bank and the Bank is entitled to debit any of our account with the Bank for payment of the Bank’s commission, expenses, costs (legal or otherwise) and agent charges if any together with such taxes under or in connection with or in respect of this transaction.

The Collection of the Bills would be subject to Uniform Rules for Collections, International Chamber of Commerce Publication No 522.

This Agreement shall be governed and construed in accordance with the laws of the Republic of Singapore and we hereby irrevocably submit to the non-exclusive jurisdiction of the courts of Singapore. A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act (Cap 53B) to enforce any of the terms and conditions herein.

Any funds and assets I/we place with the bank, and any profits that they generate, will comply with the tax laws of the countries where I/we live or of which I/we am/are citizen(s).