Part K : Electronic Payment
||The Client may from time to time effect payment for Transactions or any sum that may be due and owing to CIMB through the Electronic Payment. In order for the Client to utilise the Electronic Payment for Shares Service, the Client shall execute such forms and/or documents that CIMB may require from time to time.
||CIMB shall in its discretion be entitled from time to time to pay the Sales Proceeds effected through the Trading Account to the client’s Designated Bank Account via electronic payment or telegraphic transfer. CIMB may, at its option, elect to pay the Sales Proceeds to the Client by cheque and such election shall be binding on the Client. No payments will be made by CIMB to the Designated Bank Account through the Electronic Payment for Shares Service on Saturdays or half business days of the Licensed Financial Institution or CIMB.
||CIMB shall in its discretion be entitled at any time to:
(a) treat any payments made by the Client from time to time through the Electronic Payment as being paid on a
Market Day following the date of such payment; or
(b) apply the amounts received through the Electronic Payment in payment of the Transactions or in respect of any
other amounts that may be due and owing by the Client to CIMB before applying such payment or any part
thereof in respect of the Transactions.
||CIMB is not responsible for any errors, inaccuracies or omissions in the information that may be displayed or transmitted by the Licensed Financial Institution to the Client for the purpose of utilising the Electronic Payment for Shares Service including but not limited to details of the Transactions or any other Transactions. Such errors, inaccuracies or omissions shall not prejudice or affect in any way the Client’s obligation to pay all and any amounts owing to CIMB.
||An instruction given by the Client to the Licensed Financial Institution to debit the client’s bank account and/or to transfer any amount from the client’s Designated Bank Account to CIMB shall not constitute payment to CIMB. Until such time that CIMB has received payment in respect of the Transactions in full or any or all sums owing to it by the Client, CIMB shall be entitled to exercise its full rights under these terms and conditions or at law without reference to the Client.
||The Client acknowledges and agrees that CIMB shall not be liable for any direct, indirect, incidental, punitive, special or consequential loss, damages, costs, and charges suffered by the Client or any other party as a result of any failure by the Licensed Financial Institution to credit payment of the Sales Proceeds into the client’s Designated Bank Account or as a result of any malfunction, partial or total failure of any machine, data processing system, electronic transmission or communications system howsoever caused.